Crane Company (CR) Expected to Post Quarterly Sales of $684.63 Million
Analysts expect Crane Company (NYSE:CR) to post $684.63 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Crane’s earnings, with the lowest sales estimate coming in at $677.00 million and the highest estimate coming in at $692.90 million. Crane posted sales of $694.20 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.4%. The company is expected to announce its next quarterly earnings results after the market closes on Monday, October 23rd.
On average, analysts expect that Crane will report full year sales of $684.63 million for the current financial year, with estimates ranging from $2.73 billion to $2.79 billion. For the next year, analysts anticipate that the firm will post sales of $2.90 billion per share, with estimates ranging from $2.85 billion to $2.95 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Crane.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.17. Crane had a return on equity of 20.57% and a net margin of 4.79%. The firm had revenue of $702.50 million during the quarter, compared to the consensus estimate of $702.53 million. During the same period last year, the business posted $1.21 EPS. The business’s revenue was down 1.4% compared to the same quarter last year.
A number of equities analysts have issued reports on CR shares. Zacks Investment Research upgraded shares of Crane from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Monday, July 17th. ValuEngine upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Wolfe Research started coverage on shares of Crane in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Stifel Nicolaus restated a “hold” rating and issued a $85.00 price objective on shares of Crane in a research report on Friday, July 14th. Finally, Royal Bank Of Canada restated a “hold” rating on shares of Crane in a research report on Monday, September 25th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Crane presently has a consensus rating of “Buy” and an average price target of $76.38.
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In related news, Director E Thayer Bigelow sold 6,000 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $73.73, for a total transaction of $442,380.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Kristian Robert Salovaara sold 9,200 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $76.20, for a total transaction of $701,040.00. Following the transaction, the vice president now owns 24,786 shares in the company, valued at approximately $1,888,693.20. The disclosure for this sale can be found here. Insiders have sold 22,200 shares of company stock worth $1,661,630 in the last quarter. 3.10% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cookson Peirce & Co. Inc. grew its holdings in Crane by 23.0% in the second quarter. Cookson Peirce & Co. Inc. now owns 24,940 shares of the conglomerate’s stock worth $1,980,000 after purchasing an additional 4,670 shares during the period. Robecosam AG grew its holdings in Crane by 112.3% in the second quarter. Robecosam AG now owns 182,063 shares of the conglomerate’s stock worth $14,305,000 after purchasing an additional 96,322 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Crane by 2.1% in the second quarter. Ameritas Investment Partners Inc. now owns 15,136 shares of the conglomerate’s stock worth $1,201,000 after purchasing an additional 316 shares during the period. Nomura Holdings Inc. purchased a new stake in Crane in the second quarter worth about $248,000. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Crane by 6.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,893 shares of the conglomerate’s stock worth $1,103,000 after purchasing an additional 870 shares during the period. Institutional investors and hedge funds own 69.42% of the company’s stock.
Shares of Crane (NYSE:CR) opened at 80.95 on Thursday. Crane has a one year low of $59.81 and a one year high of $84.34. The firm’s 50-day moving average price is $75.90 and its 200-day moving average price is $77.29. The firm has a market capitalization of $4.82 billion, a P/E ratio of 36.88 and a beta of 1.12.
The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Thursday, August 31st were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, August 29th. Crane’s dividend payout ratio is currently 60.83%.
Crane Company Profile
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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