Crane (NYSE:CR) Reaches New 1-Year High – Here’s Why

Shares of Crane (NYSE:CR) hit a new 52-week high during trading on Tuesday . The stock traded as high as $163.51 and last traded at $163.11, with a volume of 39395 shares traded. The stock had previously closed at $160.13.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CR. Deutsche Bank Aktiengesellschaft raised their target price on Crane from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Stifel Nicolaus boosted their price objective on Crane from $168.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $157.33.

Crane Price Performance

The company has a market capitalization of $9.96 billion, a PE ratio of 38.37, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81. 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 firm’s 50-day moving average is $155.58 and its 200-day moving average is $149.71.

Crane (NYSE:CR) last issued its earnings results on Monday, October 28th. The conglomerate reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.06. The business had revenue of $597.20 million during the quarter, compared to analyst estimates of $594.45 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. Crane’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Equities analysts predict that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 29th will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 0.47%. The ex-dividend date is Friday, November 29th. Crane’s payout ratio is 18.06%.

Institutional Trading of Crane

Institutional investors have recently modified their holdings of the company. Griffin Asset Management Inc. boosted its holdings in Crane by 0.3% in the third quarter. Griffin Asset Management Inc. now owns 34,038 shares of the conglomerate’s stock valued at $5,388,000 after acquiring an additional 90 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Crane by 2.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 3,649 shares of the conglomerate’s stock valued at $529,000 after buying an additional 94 shares during the period. UMB Bank n.a. lifted its holdings in Crane by 81.8% in the third quarter. UMB Bank n.a. now owns 220 shares of the conglomerate’s stock worth $35,000 after buying an additional 99 shares during the period. SummerHaven Investment Management LLC lifted its holdings in Crane by 1.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,112 shares of the conglomerate’s stock worth $1,176,000 after buying an additional 104 shares during the period. Finally, Blue Trust Inc. boosted its position in Crane by 29.9% during the 2nd quarter. Blue Trust Inc. now owns 487 shares of the conglomerate’s stock valued at $66,000 after acquiring an additional 112 shares in the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

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.