Crane (NYSE:CR) to Post Q2 2024 Earnings of $1.23 Per Share, DA Davidson Forecasts

Crane (NYSE:CR) – Equities researchers at DA Davidson issued their Q2 2024 earnings per share estimates for Crane in a research report issued to clients and investors on Wednesday, April 24th. DA Davidson analyst M. Summerville forecasts that the conglomerate will earn $1.23 per share for the quarter. DA Davidson has a “Buy” rating and a $160.00 price target on the stock. The consensus estimate for Crane’s current full-year earnings is $7.87 per share. DA Davidson also issued estimates for Crane’s FY2024 earnings at $5.00 EPS and FY2025 earnings at $5.90 EPS.

Crane (NYSE:CR) last posted its earnings results on Monday, April 22nd. The conglomerate reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. Crane had a return on equity of 24.45% and a net margin of 13.10%. The firm had revenue of $565.30 million during the quarter, compared to the consensus estimate of $546.39 million. During the same period in the prior year, the company earned $1.25 EPS. The company’s quarterly revenue was up 10.0% compared to the same quarter last year.

A number of other brokerages also recently commented on CR. Bank of America increased their price target on shares of Crane from $110.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Vertical Research raised Crane from a “hold” rating to a “buy” rating in a research note on Wednesday. StockNews.com downgraded Crane from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Finally, Stifel Nicolaus raised their price target on Crane from $150.00 to $157.00 and gave the stock a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $137.00.

Crane Stock Performance

Shares of NYSE:CR opened at $142.25 on Thursday. The firm has a fifty day simple moving average of $130.01 and a two-hundred day simple moving average of $115.65. Crane has a 52 week low of $67.28 and a 52 week high of $143.67. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $8.12 billion, a P/E ratio of 38.55, a PEG ratio of 1.93 and a beta of 1.49.

Institutional Investors Weigh In On Crane

Several hedge funds and other institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System raised its holdings in shares of Crane by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 14,100 shares of the conglomerate’s stock worth $1,905,000 after buying an additional 400 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Crane by 3.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 9,194 shares of the conglomerate’s stock worth $1,242,000 after buying an additional 277 shares during the period. Sutton Place Investors LLC purchased a new stake in shares of Crane in the first quarter worth approximately $206,000. Raymond James & Associates raised its holdings in shares of Crane by 7.9% in the first quarter. Raymond James & Associates now owns 68,481 shares of the conglomerate’s stock worth $9,254,000 after buying an additional 5,014 shares during the period. Finally, Norden Group LLC raised its holdings in shares of Crane by 1,363.7% in the first quarter. Norden Group LLC now owns 89,432 shares of the conglomerate’s stock worth $12,086,000 after buying an additional 83,322 shares during the period. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Crane Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 31st will be issued a $0.205 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.82 annualized dividend and a dividend yield of 0.58%. Crane’s payout ratio is 22.22%.

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.