Crane Co. (CR) Upgraded by Zacks Investment Research to “Buy”
Crane Co. (NYSE:CR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm currently has a $86.00 target price on the conglomerate’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.76% from the company’s current price.
According to Zacks, “Over the last three months, shares of Crane Co. outperformed the Zacks categorized Diversified Operations industry. The company reported better-than-expected earnings in first-quarter 2017. For full-year 2017, Crane Co. raised the lower end of its previously issued earnings guidance of $4.30–$4.55 per share by $0.05 to $4.35–$4.55. Core sales will likely be flat to up 2%. In the years ahead, the company anticipates benefiting from growing demand for productivity solutions in Payment & Merchandising Technologies segment, growth in aerospace programs in Aerospace & Electronics, recovering orders in Fluid Handling and improving end markets in Engineered Materials. Over the last 30 days, the Zacks Consensus Estimate for the stock moved north for both 2017 and 2018.”
Other analysts also recently issued reports about the stock. TheStreet downgraded shares of Crane from a “b+” rating to a “c+” rating in a report on Tuesday, January 31st. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $90.00 price objective (up previously from $82.00) on shares of Crane in a research report on Monday, May 1st. Boenning Scattergood cut shares of Crane from an “outperform” rating to a “neutral” rating in a research report on Tuesday, January 31st. Bank of America Corp upgraded shares of Crane from a “neutral” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Monday, March 6th. Finally, Seaport Global Securities cut shares of Crane from an “accumulate” rating to a “neutral” rating and boosted their price target for the company from $71.00 to $72.00 in a research report on Wednesday, February 1st. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $72.09.
Shares of Crane (NYSE:CR) traded up 0.6178% during midday trading on Friday, hitting $77.0934. 80,699 shares of the company were exchanged. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of 35.0265 and a beta of 1.19. The company has a 50-day moving average price of $77.51 and a 200-day moving average price of $74.72. Crane has a 52-week low of $54.05 and a 52-week high of $82.35.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, April 24th. The conglomerate reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.05. Crane had a net margin of 4.47% and a return on equity of 20.23%. The company had revenue of $673.40 million during the quarter, compared to analyst estimates of $655.84 million. During the same quarter last year, the business posted $0.93 EPS. Crane’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that Crane will post $4.50 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Wednesday, May 31st will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Friday, May 26th. Crane’s payout ratio is 64.08%.
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In related news, Director Philip R. Lochner sold 2,000 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $80.21, for a total value of $160,420.00. Following the completion of the transaction, the director now directly owns 2,350 shares in the company, valued at approximately $188,493.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Curtis A. Baron, Jr. sold 5,364 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $79.60, for a total transaction of $426,974.40. Following the completion of the transaction, the vice president now owns 18,044 shares of the company’s stock, valued at $1,436,302.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,629 shares of company stock valued at $2,126,408. Company insiders own 3.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Sit Investment Associates Inc. raised its stake in shares of Crane by 0.7% in the third quarter. Sit Investment Associates Inc. now owns 27,425 shares of the conglomerate’s stock valued at $1,728,000 after buying an additional 200 shares during the last quarter. RobecoSam USA Inc. raised its stake in shares of Crane by 4.1% in the third quarter. RobecoSam USA Inc. now owns 23,711 shares of the conglomerate’s stock valued at $1,494,000 after buying an additional 929 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Crane by 9.2% in the third quarter. Pacer Advisors Inc. now owns 4,281 shares of the conglomerate’s stock valued at $270,000 after buying an additional 360 shares during the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of Crane during the third quarter valued at approximately $233,000. Finally, Zacks Investment Management raised its stake in shares of Crane by 9.0% in the third quarter. Zacks Investment Management now owns 162,185 shares of the conglomerate’s stock valued at $10,219,000 after buying an additional 13,430 shares during the last quarter. Hedge funds and other institutional investors own 68.63% of the company’s stock.
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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