Allianz Asset Management GmbH trimmed its holdings in Crane Co. (NYSE:CR) by 4.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 427,360 shares of the conglomerate’s stock after selling 18,904 shares during the quarter. Allianz Asset Management GmbH’s holdings in Crane were worth $42,031,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Crane during the 2nd quarter valued at $1,078,000. CWM LLC grew its position in Crane by 125,908.3% in the second quarter. CWM LLC now owns 30,242 shares of the conglomerate’s stock worth $2,423,000 after acquiring an additional 30,218 shares in the last quarter. Wells Fargo & Company MN grew its position in Crane by 22.8% in the second quarter. Wells Fargo & Company MN now owns 398,468 shares of the conglomerate’s stock worth $31,929,000 after acquiring an additional 74,081 shares in the last quarter. Picton Mahoney Asset Management grew its position in Crane by 42.6% in the second quarter. Picton Mahoney Asset Management now owns 35,500 shares of the conglomerate’s stock worth $2,844,000 after acquiring an additional 10,600 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Crane by 7.5% in the second quarter. Victory Capital Management Inc. now owns 986,256 shares of the conglomerate’s stock worth $79,028,000 after acquiring an additional 68,539 shares in the last quarter. 69.43% of the stock is owned by hedge funds and other institutional investors.
NYSE CR opened at $86.37 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.68 and a debt-to-equity ratio of 0.61. Crane Co. has a 12-month low of $78.93 and a 12-month high of $102.65. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 1.50 and a beta of 1.31.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 30th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, November 29th. This represents a $1.40 annualized dividend and a yield of 1.62%. Crane’s payout ratio is 30.91%.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Crane from a “sell” rating to a “hold” rating and set a $93.00 target price for the company in a research report on Wednesday, October 24th. Stifel Nicolaus upped their target price on shares of Crane from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Finally, UBS Group upped their target price on shares of Crane from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $108.13.
In other Crane news, insider Louis V. Pinkham sold 4,400 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were sold at an average price of $93.15, for a total transaction of $409,860.00. Following the completion of the sale, the insider now directly owns 23,545 shares in the company, valued at $2,193,216.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Kristian Robert Salovaara sold 13,367 shares of the stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $89.53, for a total transaction of $1,196,747.51. Following the sale, the vice president now owns 34,863 shares of the company’s stock, valued at $3,121,284.39. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,767 shares of company stock valued at $1,885,878. Company insiders own 3.00% of the company’s stock.
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Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including on/off valves and related products for application in the chemical, oil and gas, power, and general industrial end markets; valves and related products for the non-residential construction, general industrial, and municipal markets; and pumps and related products for water and wastewater applications in the industrial, municipal, commercial, and military markets.
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