Crane (NYSE:CR) Reaches New 12-Month High Following Better-Than-Expected Earnings

Crane (NYSE:CR) shares reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $139.54 and last traded at $134.59, with a volume of 37167 shares trading hands. The stock had previously closed at $130.73.

The conglomerate reported $1.22 EPS for the quarter, beating the consensus estimate of $1.12 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $565.30 million during the quarter, compared to analysts’ expectations of $546.39 million. During the same period in the prior year, the company earned $1.25 EPS. The business’s quarterly revenue was up 10.0% compared to the same quarter last year.

Crane Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.205 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.82 dividend on an annualized basis and a yield of 0.60%. This is a positive change from Crane’s previous quarterly dividend of $0.18. Crane’s dividend payout ratio is currently 22.22%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CR. Bank of America raised their target price on shares of Crane from $110.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. StockNews.com downgraded shares of Crane from a “buy” rating to a “hold” rating in a report on Friday. Finally, Stifel Nicolaus raised their price target on shares of Crane from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $125.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ronald Blue Trust Inc. raised its stake in Crane by 99.3% in the third quarter. Ronald Blue Trust Inc. now owns 287 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 143 shares in the last quarter. Fifth Third Bancorp raised its stake in Crane by 40.9% during the fourth quarter. Fifth Third Bancorp now owns 341 shares of the conglomerate’s stock worth $40,000 after acquiring an additional 99 shares in the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Crane during the fourth quarter worth about $90,000. Sutton Place Investors LLC bought a new stake in shares of Crane during the first quarter worth about $206,000. Finally, InTrack Investment Management Inc bought a new stake in shares of Crane during the first quarter worth about $210,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Crane Stock Performance

The company has a market capitalization of $7.83 billion, a P/E ratio of 35.44, a PEG ratio of 1.93 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The company has a fifty day moving average price of $129.69 and a two-hundred day moving average price of $115.30.

About Crane

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.