Crane Co. (CR) Increases Dividend to $0.35 Per Share

Crane Co. (NYSE:CR) announced a quarterly dividend on Monday, January 29th, RTT News reports. Shareholders of record on Wednesday, February 28th will be given a dividend of 0.35 per share by the conglomerate on Friday, March 9th. This represents a $1.40 dividend on an annualized basis and a yield of 1.50%. This is an increase from Crane’s previous quarterly dividend of $0.33.

Crane has raised its dividend payment by an average of 1.6% per year over the last three years. Crane has a dividend payout ratio of 29.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Crane to earn $5.10 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 25.9%.

Crane (NYSE:CR) traded down $0.69 during mid-day trading on Monday, reaching $93.40. 227,551 shares of the company’s stock were exchanged, compared to its average volume of 260,013. The firm has a market cap of $5,584.23, a P/E ratio of 41.98, a price-to-earnings-growth ratio of 1.83 and a beta of 1.17. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.96 and a current ratio of 2.66. Crane has a 12 month low of $67.62 and a 12 month high of $94.32.

In related news, VP Augustus I. Dupont sold 3,556 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $83.89, for a total transaction of $298,312.84. Following the completion of the transaction, the vice president now owns 80,560 shares of the company’s stock, valued at approximately $6,758,178.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James L. L Tullis sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $81.44, for a total transaction of $162,880.00. Following the transaction, the director now directly owns 2,110 shares of the company’s stock, valued at approximately $171,838.40. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

CR has been the subject of several analyst reports. Wolfe Research cut shares of Crane from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 25th. Seaport Global Securities raised shares of Crane from a “neutral” rating to a “buy” rating and increased their price target for the company from $78.00 to $95.00 in a research note on Thursday, October 26th. Boenning Scattergood reissued a “hold” rating on shares of Crane in a research note on Tuesday, October 24th. Stifel Nicolaus reissued a “hold” rating and issued a $84.00 price target on shares of Crane in a research note on Wednesday, October 4th. Finally, ValuEngine raised shares of Crane from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Crane currently has a consensus rating of “Buy” and an average target price of $96.43.

COPYRIGHT VIOLATION WARNING: “Crane Co. (CR) Increases Dividend to $0.35 Per Share” was first published by American Banking News and is the property of of American Banking News. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US and international copyright and trademark laws. The original version of this piece of content can be read at https://www.americanbankingnews.com/2018/01/29/crane-co-cr-increases-dividend-to-0-35-per-share.html.

About Crane

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.

Dividend History for Crane (NYSE:CR)

Receive News & Ratings for Crane Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crane and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply