Crane Company (CR) Rating Lowered to Hold at Zacks Investment Research
Crane Company (NYSE:CR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Year to date, Crane's shares have outperformed the industry. In the years ahead, the company anticipates benefiting from increasing demand for productivity solutions in Payment & Merchandising Technologies segment, high growth aerospace programs in Aerospace & Electronics, recovering orders in Fluid Handling and strengthening end markets in Engineered Materials. For 2017, the company reaffirmed its previously issued earnings guidance of $4.35-$4.55 per share. However, demand for payment and merchandising products is predicted to be uneven in 2017. Also, the company expects the ebbing impact from unfavorable foreign currency movements to be offset by higher commodity and input costs.”
Several other equities analysts also recently weighed in on CR. Stifel Nicolaus reaffirmed a “hold” rating and set a $84.00 price target on shares of Crane in a report on Thursday, July 6th. BidaskClub raised shares of Crane from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Wolfe Research started coverage on shares of Crane in a report on Tuesday, July 11th. They set a “market perform” rating on the stock. ValuEngine raised shares of Crane from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating on shares of Crane in a report on Monday, September 25th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $76.38.
Crane (NYSE:CR) traded up 0.07% during mid-day trading on Tuesday, hitting $81.01. 32,823 shares of the stock traded hands. The company’s 50 day moving average price is $75.90 and its 200-day moving average price is $77.29. The stock has a market cap of $4.83 billion, a price-to-earnings ratio of 36.91 and a beta of 1.12. Crane has a 1-year low of $59.81 and a 1-year high of $84.34.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, meeting the consensus estimate of $1.17. Crane had a net margin of 4.79% and a return on equity of 20.57%. The business had revenue of $702.50 million for the quarter, compared to the consensus estimate of $702.53 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Analysts predict that Crane will post $4.48 earnings per share for the current year.
In related news, Director E Thayer Bigelow sold 6,000 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $73.73, for a total value of $442,380.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Kristian Robert Salovaara sold 9,200 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $76.20, for a total transaction of $701,040.00. Following the completion of the sale, the vice president now owns 24,786 shares in the company, valued at approximately $1,888,693.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,200 shares of company stock worth $1,661,630. Company insiders own 3.10% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. ClariVest Asset Management LLC increased its position in Crane by 15.7% in the first quarter. ClariVest Asset Management LLC now owns 1,476 shares of the conglomerate’s stock worth $110,000 after purchasing an additional 200 shares during the last quarter. Acrospire Investment Management LLC increased its position in Crane by 33.3% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the conglomerate’s stock worth $127,000 after purchasing an additional 400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Crane by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,778 shares of the conglomerate’s stock worth $141,000 after purchasing an additional 140 shares during the last quarter. Global X Management Co. LLC increased its position in Crane by 221.0% in the second quarter. Global X Management Co. LLC now owns 1,862 shares of the conglomerate’s stock worth $148,000 after purchasing an additional 1,282 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Crane in the second quarter worth $204,000. Institutional investors own 69.42% of the company’s stock.
Crane Company Profile
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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