Crane NXT (NYSE:CXT) Shares Gap Up – Here’s Why

Crane NXT, Co. (NYSE:CXT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $56.48, but opened at $60.46. Crane NXT shares last traded at $64.30, with a volume of 149,917 shares.

Wall Street Analyst Weigh In

Separately, DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Crane NXT in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Crane NXT has an average rating of “Moderate Buy” and an average target price of $73.75.

Crane NXT Stock Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 1.20 and a quick ratio of 0.89. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 24.89 and a beta of 1.37. The company’s fifty day simple moving average is $59.41 and its two-hundred day simple moving average is $54.51.

Crane NXT (NYSE:CXT) last posted its earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.05. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. The firm had revenue of $404.40 million during the quarter, compared to analyst estimates of $382.79 million. On average, analysts forecast that Crane NXT, Co. will post 4.16 earnings per share for the current year.

Crane NXT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th were paid a $0.17 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.68 annualized dividend and a dividend yield of 1.0%. Crane NXT’s dividend payout ratio is presently 25.95%.

Institutional Trading of Crane NXT

Several institutional investors have recently made changes to their positions in CXT. Alliancebernstein L.P. grew its stake in shares of Crane NXT by 2,449.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,770,807 shares of the company’s stock worth $95,446,000 after acquiring an additional 1,701,361 shares in the last quarter. Ameriprise Financial Inc. grew its position in Crane NXT by 173.3% during the first quarter. Ameriprise Financial Inc. now owns 1,084,625 shares of the company’s stock valued at $55,750,000 after buying an additional 687,738 shares during the period. Norges Bank bought a new position in Crane NXT during the second quarter valued at about $32,163,000. Wellington Management Group LLP grew its position in Crane NXT by 16.2% during the first quarter. Wellington Management Group LLP now owns 3,668,953 shares of the company’s stock valued at $188,584,000 after buying an additional 512,813 shares during the period. Finally, Conestoga Capital Advisors LLC grew its position in Crane NXT by 83.5% during the first quarter. Conestoga Capital Advisors LLC now owns 993,154 shares of the company’s stock valued at $51,048,000 after buying an additional 451,814 shares during the period. Institutional investors own 77.49% of the company’s stock.

Crane NXT Company Profile

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers’ important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.