Crane (NYSE:CR) Reaches New 1-Year High on Earnings Beat

Shares of Crane (NYSE:CR) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $139.54 and last traded at $134.59, with a volume of 37167 shares changing hands. The stock had previously closed at $130.73.

The conglomerate reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. The company had revenue of $565.30 million during 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 revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period last year, the business earned $1.25 EPS.

Crane Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 0.59%. The ex-dividend date is Friday, May 31st. Crane’s dividend payout ratio is currently 22.22%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CR shares. Bank of America raised their price objective on shares of Crane from $110.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. StockNews.com lowered shares of Crane from a “buy” rating to a “hold” rating in a report on Friday, April 19th. Finally, Stifel Nicolaus lifted their price target on shares of Crane from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crane currently has an average rating of “Moderate Buy” and a consensus price target of $125.00.

Institutional Trading of Crane

Several hedge funds have recently bought and sold shares of CR. Ronald Blue Trust Inc. raised its position in shares of Crane by 99.3% during the 3rd quarter. Ronald Blue Trust Inc. now owns 287 shares of the conglomerate’s stock worth $26,000 after buying an additional 143 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Crane by 40.9% during the 4th quarter. Fifth Third Bancorp now owns 341 shares of the conglomerate’s stock worth $40,000 after buying an additional 99 shares in the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Crane during the 4th quarter worth about $90,000. Jump Financial LLC bought a new stake in shares of Crane during the 3rd quarter worth about $201,000. Finally, Claret Asset Management Corp bought a new stake in shares of Crane during the 4th quarter worth about $201,000. 75.14% of the stock is currently owned by institutional investors.

Crane Price Performance

The company has a market capitalization of $7.89 billion, a P/E ratio of 37.47, a P/E/G ratio of 1.93 and a beta of 1.49. The business’s 50-day simple moving average is $130.01 and its 200 day simple moving average is $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.

About Crane

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.