Carret Asset Management LLC Reduces Stock Holdings in Crane (NYSE:CR)

Carret Asset Management LLC lowered its holdings in shares of Crane (NYSE:CR) by 3.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,510 shares of the conglomerate’s stock after selling 150 shares during the quarter. Carret Asset Management LLC’s holdings in Crane were worth $533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. California Public Employees Retirement System raised its position in shares of Crane by 1.2% during the 4th quarter. California Public Employees Retirement System now owns 100,416 shares of the conglomerate’s stock valued at $11,863,000 after buying an additional 1,185 shares in the last quarter. Cetera Trust Company N.A purchased a new stake in shares of Crane in the fourth quarter valued at $247,000. Federated Hermes Inc. raised its position in Crane by 17.4% in the 4th quarter. Federated Hermes Inc. now owns 5,460 shares of the conglomerate’s stock worth $645,000 after purchasing an additional 809 shares during the period. Tyche Wealth Partners LLC bought a new stake in Crane in the fourth quarter worth about $289,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Crane by 10.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,473 shares of the conglomerate’s stock valued at $1,237,000 after buying an additional 1,029 shares during the period. Institutional investors own 75.14% of the company’s stock.

Crane Stock Performance

CR stock traded up $0.34 during midday trading on Thursday, hitting $142.47. 59,932 shares of the stock traded hands, compared to its average volume of 240,817. The stock’s fifty day simple moving average is $130.01 and its 200-day simple moving average is $115.65. The firm has a market cap of $8.13 billion, a P/E ratio of 38.55, a PEG ratio of 1.93 and a beta of 1.49. Crane has a 1-year low of $67.28 and a 1-year high of $143.67. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88.

Crane (NYSE:CR) last posted its quarterly earnings data on Monday, April 22nd. The conglomerate reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.10. Crane had a return on equity of 24.45% and a net margin of 13.10%. The company had revenue of $565.30 million for the quarter, compared to analysts’ expectations of $546.39 million. During the same period in the previous year, the firm posted $1.25 EPS. Crane’s revenue was up 10.0% compared to the same quarter last year. On average, analysts expect that Crane will post 7.87 earnings per share for the current year.

Crane Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 31st will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Thursday, May 30th. Crane’s payout ratio is presently 22.22%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. DA Davidson upped their price target on shares of Crane from $142.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday. StockNews.com lowered Crane from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Stifel Nicolaus lifted their target price on Crane from $150.00 to $157.00 and gave the company a “buy” rating in a research report on Wednesday. Vertical Research upgraded Crane from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Bank of America lifted their price objective on Crane from $110.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $137.00.

Crane 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.