Crane NXT (NYSE:CXT) Trading Down 5.6% – Here’s Why

Crane NXT, Co. (NYSE:CXT)’s stock price dropped 5.6% on Thursday . The company traded as low as $39.50 and last traded at $39.4790. 488,994 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 719,762 shares. The stock had previously closed at $41.83.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CXT shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Crane NXT in a research report on Wednesday, January 21st. Zacks Research raised shares of Crane NXT from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. DA Davidson reaffirmed a “buy” rating and set a $85.00 target price on shares of Crane NXT in a report on Tuesday, February 17th. UBS Group set a $58.00 price target on shares of Crane NXT in a research note on Friday, February 13th. Finally, Robert W. Baird set a $73.00 price target on shares of Crane NXT in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.60.

Crane NXT Price Performance

The company has a quick ratio of 1.20, a current ratio of 1.50 and a debt-to-equity ratio of 0.80. The firm’s fifty day moving average price is $48.01 and its 200-day moving average price is $54.36. The stock has a market cap of $2.26 billion, a P/E ratio of 15.70 and a beta of 1.18.

Crane NXT (NYSE:CXT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.02. The company had revenue of $476.90 million during the quarter, compared to analyst estimates of $450.53 million. Crane NXT had a net margin of 8.76% and a return on equity of 19.84%. The firm’s revenue was up 19.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 EPS. Analysts forecast that Crane NXT, Co. will post 4.16 earnings per share for the current year.

Crane NXT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Stockholders of record on Saturday, February 28th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.8%. This is a positive change from Crane NXT’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, February 27th. Crane NXT’s payout ratio is currently 28.69%.

Institutional Trading of Crane NXT

Large investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its holdings in Crane NXT by 5.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 28,273 shares of the company’s stock worth $1,331,000 after buying an additional 1,533 shares during the period. Corient Private Wealth LLC increased its stake in shares of Crane NXT by 102.3% during the fourth quarter. Corient Private Wealth LLC now owns 20,632 shares of the company’s stock valued at $971,000 after buying an additional 10,435 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of Crane NXT by 4,458.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 547 shares of the company’s stock valued at $26,000 after acquiring an additional 535 shares in the last quarter. MidFirst Bank purchased a new stake in Crane NXT in the fourth quarter worth $169,000. Finally, Invesco Ltd. lifted its stake in Crane NXT by 1.1% in the fourth quarter. Invesco Ltd. now owns 1,381,816 shares of the company’s stock worth $65,042,000 after acquiring an additional 15,516 shares during the period. 77.49% of the stock is owned by institutional investors.

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. The Crane Currency segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products.