Weiss Asset Management LP Acquires Shares of 13,700 Crane $CR

Weiss Asset Management LP acquired a new stake in shares of Crane (NYSE:CR) in the first quarter, HoldingsChannel.com reports. The fund acquired 13,700 shares of the conglomerate’s stock, valued at approximately $2,343,000.

Several other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its position in Crane by 27.4% during the 1st quarter. Royal Bank of Canada now owns 22,060 shares of the conglomerate’s stock valued at $3,379,000 after buying an additional 4,749 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Crane by 23.6% in the first quarter. Goldman Sachs Group Inc. now owns 440,817 shares of the conglomerate’s stock valued at $67,524,000 after acquiring an additional 84,278 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Crane by 3.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,776 shares of the conglomerate’s stock valued at $20,951,000 after acquiring an additional 4,217 shares during the last quarter. Focus Partners Wealth raised its stake in shares of Crane by 17.0% during the first quarter. Focus Partners Wealth now owns 1,696 shares of the conglomerate’s stock valued at $257,000 after acquiring an additional 246 shares during the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Crane during the second quarter worth about $207,000. 75.14% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Crane

In other Crane news, Director Susan D. Lynch acquired 150 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were acquired at an average price of $177.38 per share, with a total value of $26,607.00. Following the completion of the purchase, the director directly owned 370 shares of the company’s stock, valued at approximately $65,630.60. The trade was a 68.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.12% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on CR. Weiss Ratings cut Crane from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Wall Street Zen lowered Crane from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. DA Davidson reiterated a “buy” rating and issued a $235.00 price objective on shares of Crane in a report on Monday, June 1st. BMO Capital Markets began coverage on Crane in a research report on Monday, July 20th. They issued an “outperform” rating and a $253.00 price objective on the stock. Finally, Stifel Nicolaus boosted their target price on Crane from $215.00 to $242.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Crane has a consensus rating of “Buy” and a consensus price target of $234.00.

Crane Price Performance

CR opened at $226.22 on Monday. The stock has a fifty day simple moving average of $204.46 and a two-hundred day simple moving average of $194.22. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29. The company has a market cap of $13.06 billion, a price-to-earnings ratio of 29.96, a price-to-earnings-growth ratio of 1.93 and a beta of 1.01. Crane has a 12-month low of $159.58 and a 12-month high of $226.99.

Crane (NYSE:CR) last announced its earnings results on Monday, April 27th. The conglomerate reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.21. The firm had revenue of $696.40 million for the quarter, compared to analysts’ expectations of $672.74 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.39 EPS. Research analysts predict that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Company Profile

Crane Co, headquartered in Stamford, Connecticut, is a diversified manufacturer of engineered industrial products serving customers around the world. The company operates through two primary segments: Aerospace & Electronics and Engineered Materials. Its Aerospace & Electronics division designs and produces valves, fittings, manifolds, and filtration systems for aircraft fuel, hydraulics, and environmental control systems. The Engineered Materials segment focuses on advanced polymers, heat exchangers, and specialized composite solutions for industries including chemical processing, semiconductor manufacturing, and power generation.

With roots dating back to its founding in 1855 in Chicago by R.T.