Crane (NYSE:CR) Shares Gap Up Following Earnings Beat

Crane (NYSE:CR) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $148.67, but opened at $160.00. Crane shares last traded at $160.49, with a volume of 135,308 shares traded.

The conglomerate reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.10. The business had revenue of $557.60 million for the quarter, compared to analysts’ expectations of $546.93 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 earnings per share.

Crane Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Stockholders of record on Friday, May 30th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.58%. Crane’s payout ratio is 18.18%.

Analyst Upgrades and Downgrades

CR has been the topic of a number of research reports. UBS Group upgraded Crane from a “neutral” rating to a “buy” rating and raised their price target for the company from $157.00 to $190.00 in a research report on Tuesday. DA Davidson restated a “buy” rating and issued a $200.00 price objective on shares of Crane in a report on Tuesday, March 11th. Stifel Nicolaus lowered their target price on Crane from $170.00 to $144.00 and set a “hold” rating for the company in a research note on Monday, April 14th. StockNews.com cut shares of Crane from a “buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $186.00 price objective on shares of Crane and gave the stock a “buy” rating in a report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $177.00.

Insider Activity

In related news, VP Alejandro Alcala sold 2,293 shares of Crane stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $170.96, for a total transaction of $392,011.28. Following the completion of the sale, the vice president now owns 32,963 shares in the company, valued at $5,635,354.48. This trade represents a 6.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.12% of the company’s stock.

Institutional Investors Weigh In On Crane

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Aviva PLC purchased a new stake in shares of Crane in the fourth quarter worth about $538,000. Raymond James Financial Inc. purchased a new stake in shares of Crane in the fourth quarter valued at about $12,890,000. Rhumbline Advisers raised its holdings in Crane by 2.2% in the 4th quarter. Rhumbline Advisers now owns 135,191 shares of the conglomerate’s stock valued at $20,515,000 after buying an additional 2,953 shares during the period. American Century Companies Inc. grew its position in Crane by 2.7% in the 4th quarter. American Century Companies Inc. now owns 323,272 shares of the conglomerate’s stock valued at $49,057,000 after acquiring an additional 8,552 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in Crane during the 4th quarter worth approximately $744,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Crane Trading Up 7.3 %

The company has a fifty day simple moving average of $150.65 and a two-hundred day simple moving average of $160.07. The company has a market cap of $9.16 billion, a PE ratio of 21.20, a P/E/G ratio of 1.93 and a beta of 1.31. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29.

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.