World Asset Management Inc raised its position in Crane Company (NYSE:CR) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,185 shares of the conglomerate’s stock after buying an additional 92 shares during the period. World Asset Management Inc’s holdings in Crane were worth $253,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in CR. BlackRock Inc. increased its position in Crane by 9,355.1% in the first quarter. BlackRock Inc. now owns 3,997,437 shares of the conglomerate’s stock worth $299,129,000 after buying an additional 3,955,159 shares in the last quarter. AQR Capital Management LLC increased its position in Crane by 31.7% in the first quarter. AQR Capital Management LLC now owns 1,533,772 shares of the conglomerate’s stock worth $114,772,000 after buying an additional 369,589 shares in the last quarter. Systematic Financial Management LP increased its position in Crane by 148.3% in the first quarter. Systematic Financial Management LP now owns 661,439 shares of the conglomerate’s stock worth $49,495,000 after buying an additional 395,055 shares in the last quarter. Principal Financial Group Inc. increased its position in Crane by 8.9% in the first quarter. Principal Financial Group Inc. now owns 590,135 shares of the conglomerate’s stock worth $44,160,000 after buying an additional 48,462 shares in the last quarter. Finally, Morgan Stanley increased its position in Crane by 4.0% in the first quarter. Morgan Stanley now owns 525,248 shares of the conglomerate’s stock worth $39,304,000 after buying an additional 19,993 shares in the last quarter. 70.61% of the stock is owned by hedge funds and other institutional investors.
Shares of Crane Company (CR) opened at 73.37 on Friday. The company has a 50-day moving average of $78.67 and a 200 day moving average of $76.76. The firm has a market cap of $4.37 billion, a P/E ratio of 33.43 and a beta of 1.10. Crane Company has a 12-month low of $59.81 and a 12-month high of $84.34.
Crane (NYSE:CR) last released its earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, meeting the consensus estimate of $1.17. Crane had a return on equity of 20.57% and a net margin of 4.79%. The firm had revenue of $702.50 million for the quarter, compared to analyst estimates of $702.53 million. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts predict that Crane Company will post $4.47 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Thursday, August 31st will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, August 29th. Crane’s payout ratio is 60.83%.
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Several equities analysts have recently issued reports on CR shares. Zacks Investment Research downgraded shares of Crane from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Wolfe Research started coverage on shares of Crane in a report on Tuesday, July 11th. They set a “market perform” rating for the company. Canaccord Genuity raised shares of Crane from a “hold” rating to a “buy” rating and boosted their price target for the company from $78.00 to $92.00 in a report on Tuesday, May 16th. Stifel Nicolaus reissued a “hold” rating and set a $85.00 price target on shares of Crane in a report on Friday, July 14th. Finally, ValuEngine raised shares of Crane from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $76.88.
In other Crane news, VP Kristian Robert Salovaara sold 9,200 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $76.20, for a total value of $701,040.00. Following the transaction, the vice president now owns 24,786 shares of the company’s stock, valued at $1,888,693.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.10% of the company’s stock.
Crane Company Profile
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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