Crane (NYSE:CR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Crane’s first-quarter 2018 adjusted earnings beat the Zacks Consensus Estimate by 3.1% and improved 24.8% year over year. Crane's emerging track record, robust earnings growth profile and cash generation indicate a bright future for the company. Going forward, the company expects to gain from solid organic growth potential, tax cuts and its repositioning initiatives. The Crane Currency buyout will strengthen the company’s foothold in the currency and payments market, and will be accretive to earnings this year itself. However, the company faces a complex and competitive environment, and is vulnerable to adverse trade regulations. Also, Crane’s geographical diversification has exposed it to risks from adverse movements in foreign currencies and uncertain economic conditions in foreign countries it serves.”
CR has been the topic of several other reports. Canaccord Genuity reduced their target price on Crane from $100.00 to $99.95 in a research report on Wednesday, January 31st. ValuEngine upgraded Crane from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Bank of America increased their target price on Crane from $104.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Oppenheimer restated a “buy” rating and set a $105.00 price target (up from $92.00) on shares of Crane in a research note on Wednesday, January 31st. Finally, Stifel Nicolaus upgraded Crane from a “hold” rating to a “buy” rating and upped their price target for the stock from $99.00 to $113.00 in a research note on Wednesday, January 31st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $105.67.
Crane opened at $86.52 on Wednesday, MarketBeat Ratings reports. Crane has a 12-month low of $85.97 and a 12-month high of $86.12. The company has a market capitalization of $5.12 billion, a PE ratio of 17.91, a P/E/G ratio of 1.47 and a beta of 1.23. The company has a current ratio of 1.79, a quick ratio of 1.35 and a debt-to-equity ratio of 0.79.
Crane (NYSE:CR) last posted its earnings results on Monday, April 23rd. The conglomerate reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.04. The company had revenue of $799.00 million for the quarter, compared to analyst estimates of $802.47 million. Crane had a return on equity of 21.08% and a net margin of 6.09%. Crane’s revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.05 earnings per share. equities analysts predict that Crane will post 5.63 earnings per share for the current year.
In other news, VP James A. Lavish sold 12,984 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $94.90, for a total value of $1,232,181.60. Following the completion of the sale, the vice president now owns 16,997 shares in the company, valued at $1,613,015.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Brendan Curran sold 16,356 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $93.87, for a total value of $1,535,337.72. Following the completion of the sale, the insider now owns 27,702 shares of the company’s stock, valued at approximately $2,600,386.74. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Legal & General Group Plc grew its stake in shares of Crane by 9.3% in the first quarter. Legal & General Group Plc now owns 69,611 shares of the conglomerate’s stock valued at $6,455,000 after buying an additional 5,906 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in shares of Crane by 27.6% in the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 43,400 shares of the conglomerate’s stock valued at $4,025,000 after buying an additional 9,400 shares in the last quarter. Millennium Management LLC grew its stake in shares of Crane by 58.2% in the first quarter. Millennium Management LLC now owns 296,163 shares of the conglomerate’s stock valued at $27,466,000 after buying an additional 108,921 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Crane in the first quarter valued at about $444,000. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Crane by 130.8% in the first quarter. Cubist Systematic Strategies LLC now owns 15,141 shares of the conglomerate’s stock valued at $1,404,000 after buying an additional 8,580 shares in the last quarter. Institutional investors and hedge funds own 69.25% of the company’s stock.
Crane Company Profile
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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