Teachers Retirement System of The State of Kentucky cut its holdings in shares of Crane Co. (NYSE:CR) by 14.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,972 shares of the conglomerate’s stock after selling 1,300 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Crane were worth $784,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Creative Planning raised its holdings in shares of Crane by 3.0% during the third quarter. Creative Planning now owns 24,878 shares of the conglomerate’s stock valued at $2,447,000 after acquiring an additional 714 shares during the period. Arizona State Retirement System raised its holdings in shares of Crane by 2.1% during the third quarter. Arizona State Retirement System now owns 35,970 shares of the conglomerate’s stock valued at $3,538,000 after acquiring an additional 737 shares during the period. Brown Advisory Inc. raised its holdings in shares of Crane by 9.1% during the second quarter. Brown Advisory Inc. now owns 8,898 shares of the conglomerate’s stock valued at $713,000 after acquiring an additional 744 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Crane by 4.1% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 19,748 shares of the conglomerate’s stock valued at $1,582,000 after buying an additional 771 shares during the period. Finally, Aperio Group LLC increased its stake in Crane by 8.1% in the 3rd quarter. Aperio Group LLC now owns 12,290 shares of the conglomerate’s stock valued at $1,209,000 after buying an additional 919 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.
NYSE CR opened at $86.36 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.68 and a debt-to-equity ratio of 0.61. The firm has a market cap of $5.13 billion, a P/E ratio of 19.06, a PEG ratio of 1.53 and a beta of 1.33. Crane Co. has a 1 year low of $78.93 and a 1 year high of $102.65.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, November 29th. Crane’s dividend payout ratio is currently 30.91%.
In related news, VP Kristian Robert Salovaara sold 13,367 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $89.53, for a total transaction of $1,196,747.51. Following the completion of the sale, the vice president now directly owns 34,863 shares of the company’s stock, valued at approximately $3,121,284.39. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James L. L Tullis acquired 400 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average cost of $90.62 per share, with a total value of $36,248.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 20,767 shares of company stock valued at $1,885,878. 3.00% of the stock is owned by insiders.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Crane from a “sell” rating to a “hold” rating and set a $93.00 price objective on the stock in a research note on Wednesday, October 24th. Stifel Nicolaus boosted 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 boosted 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 research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Crane has a consensus rating of “Buy” and a consensus price target of $108.13.
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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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