Crane Company (CR) Issues Quarterly Earnings Results, Hits Expectations

Crane Company (NYSE:CR) announced its quarterly earnings data on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.17, Bloomberg Earnings reports. The firm had revenue of $702.50 million during the quarter, compared to analysts’ expectations of $702.53 million. Crane had a return on equity of 20.57% and a net margin of 4.79%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 EPS. Crane updated its FY17 guidance to $4.35-4.55 EPS.

Shares of Crane (CR) opened at 73.49 on Friday. The stock has a 50 day moving average price of $78.52 and a 200 day moving average price of $76.76. The stock has a market capitalization of $4.38 billion, a P/E ratio of 33.48 and a beta of 1.10. Crane has a 52 week low of $59.81 and a 52 week high of $84.34.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 31st will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, August 29th. Crane’s dividend payout ratio (DPR) is currently 60.83%.

Several brokerages have weighed in on CR. Stifel Nicolaus boosted their price target on Crane from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Canaccord Genuity upgraded Crane from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $78.00 to $92.00 in a research report on Tuesday, May 16th. Zacks Investment Research lowered Crane from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Wolfe Research upgraded Crane from a “market perform” rating to an “outperform” rating in a research report on Monday, August 14th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $90.00 price objective (up previously from $82.00) on shares of Crane in a research report on Monday, May 1st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Crane currently has a consensus rating of “Buy” and an average price target of $76.88.

In other Crane news, VP Kristian Robert Salovaara sold 9,200 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $76.20, for a total value of $701,040.00. Following the completion of the sale, the vice president now directly owns 24,786 shares in the company, valued at $1,888,693.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CR. Perkins Capital Management Inc. boosted its position in Crane by 6.1% in the first quarter. Perkins Capital Management Inc. now owns 8,700 shares of the conglomerate’s stock worth $651,000 after buying an additional 500 shares in the last quarter. Meadow Creek Investment Management LLC boosted its position in Crane by 91.7% in the first quarter. Meadow Creek Investment Management LLC now owns 12,512 shares of the conglomerate’s stock worth $936,000 after buying an additional 5,984 shares in the last quarter. State Treasurer State of Michigan boosted its position in Crane by 2.0% in the first quarter. State Treasurer State of Michigan now owns 20,432 shares of the conglomerate’s stock worth $1,529,000 after buying an additional 400 shares in the last quarter. TD Asset Management Inc. bought a new position in Crane during the first quarter worth about $2,245,000. Finally, American International Group Inc. boosted its position in Crane by 12.3% in the first quarter. American International Group Inc. now owns 138,511 shares of the conglomerate’s stock worth $10,365,000 after buying an additional 15,217 shares in the last quarter. 70.61% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: This story was first reported by Community Financial News and is the property of of Community Financial News. If you are viewing this story on another publication, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this story can be read at https://www.com-unik.info/2017/08/19/crane-company-cr-posts-earnings-results-meets-expectations-updated-updated-updated.html.

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.

Earnings History for Crane (NYSE:CR)

What are top analysts saying about Crane Company? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Crane Company and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit