Alliancebernstein L.P. trimmed its holdings in shares of Crane Company (NYSE:CR) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,512 shares of the conglomerate’s stock after selling 490 shares during the quarter. Alliancebernstein L.P.’s holdings in Crane were worth $2,343,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Crane by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,778 shares of the conglomerate’s stock worth $141,000 after purchasing an additional 140 shares in the last quarter. Global X Management Co. LLC grew its stake in Crane by 221.0% in the second quarter. Global X Management Co. LLC now owns 1,862 shares of the conglomerate’s stock worth $148,000 after purchasing an additional 1,282 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Crane in the second quarter worth about $204,000. Broderick Brian C acquired a new position in Crane in the first quarter worth about $202,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Crane in the second quarter worth about $247,000. 69.42% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently commented on CR. Scotiabank reiterated a “buy” rating on shares of Crane in a research note on Tuesday, October 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $84.00 price target on shares of Crane in a research note on Wednesday, October 4th. Zacks Investment Research downgraded Crane from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Boenning Scattergood reiterated a “hold” rating on shares of Crane in a research note on Monday, October 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Crane in a research note on Monday, September 25th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Crane presently has an average rating of “Buy” and a consensus target price of $76.38.
In related news, VP Edward S. Switter sold 7,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $74.03, for a total value of $518,210.00. Following the completion of the transaction, the vice president now owns 23,873 shares of the company’s stock, valued at $1,767,318.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $701,040.00. Following the completion of the transaction, the vice president now directly owns 24,786 shares of the company’s stock, valued at approximately $1,888,693.20. The disclosure for this sale can be found here. Insiders sold 22,200 shares of company stock valued at $1,661,630 in the last three months. Company insiders own 3.10% of the company’s stock.
Crane Company (NYSE:CR) opened at 81.64 on Friday. The firm has a 50-day moving average price of $77.47 and a 200-day moving average price of $77.68. Crane Company has a 52 week low of $59.81 and a 52 week high of $84.34. The firm has a market capitalization of $4.87 billion, a P/E ratio of 37.19 and a beta of 1.12.
Crane (NYSE:CR) last posted its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.17. Crane had a net margin of 4.79% and a return on equity of 20.57%. The firm had revenue of $702.50 million during the quarter, compared to analyst estimates of $702.53 million. During the same quarter in the prior year, the business posted $1.21 earnings per share. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities analysts forecast that Crane Company will post $4.48 EPS for the current year.
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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