Crane (NYSE:CR) Releases FY24 Earnings Guidance

Crane (NYSE:CR) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.75-5.05 for the period, compared to the consensus estimate of $4.82. The company issued revenue guidance of $2.30 billion, compared to the consensus revenue estimate of $2.25 billion. Crane also updated its FY 2024 guidance to 4.750-5.050 EPS.

Crane Price Performance

NYSE:CR traded up $1.23 during midday trading on Thursday, hitting $143.36. 78,922 shares of the stock were exchanged, compared to its average volume of 241,079. Crane has a one year low of $67.28 and a one year high of $143.67. The company has a market capitalization of $8.18 billion, a price-to-earnings ratio of 38.55, a P/E/G ratio of 1.93 and a beta of 1.49. The business has a 50-day moving average price of $130.01 and a two-hundred day moving average price of $115.65. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29.

Crane (NYSE:CR) last posted its quarterly earnings results on Monday, April 22nd. The conglomerate reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.10. The firm had revenue of $565.30 million for the quarter, compared to analyst estimates of $546.39 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 earnings per share. Sell-side analysts predict that Crane will post 7.87 EPS for the current year.

Crane Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 31st will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, May 30th. Crane’s payout ratio is 22.22%.

Analysts Set New Price Targets

Several research firms have recently commented on CR. DA Davidson boosted their price target on shares of Crane from $142.00 to $160.00 and gave the company a buy rating in a report on Wednesday. Bank of America lifted their price objective on shares of Crane from $110.00 to $140.00 and gave the company a buy rating in a research note on Tuesday, March 5th. StockNews.com lowered shares of Crane from a buy rating to a hold rating in a research note on Friday, April 19th. Vertical Research raised shares of Crane from a hold rating to a buy rating in a research report on Wednesday. Finally, Stifel Nicolaus boosted their target price on shares of Crane from $150.00 to $157.00 and gave the stock a buy rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $137.00.

Crane Company Profile

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.