Morgan Stanley increased its stake in shares of Crane Co. (NYSE:CR) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 79,315 shares of the conglomerate’s stock after buying an additional 936 shares during the period. Morgan Stanley’s holdings in Crane were worth $6,618,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia raised its stake in Crane by 1.4% in the 2nd quarter. Bank of Nova Scotia now owns 11,472 shares of the conglomerate’s stock worth $957,000 after purchasing an additional 160 shares in the last quarter. Great Lakes Advisors LLC raised its stake in Crane by 28.8% in the 2nd quarter. Great Lakes Advisors LLC now owns 91,646 shares of the conglomerate’s stock worth $7,647,000 after purchasing an additional 20,490 shares in the last quarter. Commonwealth Bank of Australia raised its stake in Crane by 58.3% in the 2nd quarter. Commonwealth Bank of Australia now owns 5,700 shares of the conglomerate’s stock worth $475,000 after purchasing an additional 2,100 shares in the last quarter. Invesco Ltd. raised its stake in Crane by 137.9% in the 2nd quarter. Invesco Ltd. now owns 50,371 shares of the conglomerate’s stock worth $4,202,000 after purchasing an additional 29,197 shares in the last quarter. Finally, Dudley & Shanley Inc. raised its stake in Crane by 26.8% in the 2nd quarter. Dudley & Shanley Inc. now owns 233,522 shares of the conglomerate’s stock worth $19,485,000 after purchasing an additional 49,420 shares in the last quarter. 69.24% of the stock is owned by institutional investors and hedge funds.
Shares of Crane stock opened at $80.97 on Friday. The firm has a market capitalization of $4.91 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.35. The company has a current ratio of 2.17, a quick ratio of 1.50 and a debt-to-equity ratio of 0.56. The firm’s 50 day moving average is $79.04 and its 200 day moving average is $81.74. Crane Co. has a 1 year low of $67.18 and a 1 year high of $94.67.
Crane (NYSE:CR) last posted its earnings results on Monday, July 22nd. The conglomerate reported $1.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.03. Crane had a net margin of 10.67% and a return on equity of 24.24%. The firm had revenue of $841.60 million for the quarter, compared to analyst estimates of $833.30 million. During the same period in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts anticipate that Crane Co. will post 6.36 earnings per share for the current year.
In other news, VP James A. Lavish sold 650 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $86.36, for a total value of $56,134.00. Following the sale, the vice president now directly owns 16,359 shares of the company’s stock, valued at approximately $1,412,763.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.39% of the company’s stock.
CR has been the subject of several analyst reports. ValuEngine upgraded shares of Crane from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Buckingham Research boosted their target price on shares of Crane from $97.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, DA Davidson boosted their target price on shares of Crane from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $95.88.
Crane Co manufactures and sells engineered industrial products in the United States and internationally. The company's Fluid Handling segment provides 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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