Crane (NYSE:CR) Updates FY24 Earnings Guidance

Crane (NYSE:CR) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.75-5.05 for the period, compared to the consensus earnings per share estimate of $4.82. The company issued revenue guidance of $2.30 billion, compared to the consensus revenue estimate of $2.25 billion. Crane also updated its FY 2024 guidance to 4.750-5.050 EPS.

Crane Price Performance

Shares of CR stock opened at $138.27 on Wednesday. Crane has a 52-week low of $67.28 and a 52-week high of $139.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The firm has a market capitalization of $7.89 billion, a P/E ratio of 37.47, a P/E/G ratio of 1.93 and a beta of 1.49. The stock has a 50 day moving average price of $130.01 and a 200 day moving average price of $115.65.

Crane (NYSE:CR) last issued its quarterly earnings results on Monday, April 22nd. The conglomerate reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Crane had a return on equity of 24.45% and a net margin of 13.10%. The firm had revenue of $565.30 million during the quarter, compared to analyst estimates of $546.39 million. During the same period last year, the company earned $1.25 EPS. Crane’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts predict that Crane will post 7.87 earnings per share for the current year.

Crane Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 31st will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, May 31st. Crane’s dividend payout ratio is 22.22%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Bank of America upped their target price on Crane from $110.00 to $140.00 and gave the stock a buy rating in a report on Tuesday, March 5th. StockNews.com cut Crane from a buy rating to a hold rating in a report on Friday, April 19th. Vertical Research upgraded Crane from a hold rating to a buy rating in a report on Wednesday. Finally, Stifel Nicolaus upped their target price on Crane from $135.00 to $150.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $125.00.

Crane Company Profile

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.