Crane (NYSE:CR)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity in a report released on Monday. They currently have a $110.00 price objective on the conglomerate’s stock. Canaccord Genuity’s target price points to a potential upside of 14.71% from the stock’s previous close.
The analysts wrote, “We recently spent a day on the road with Crane management. While the company’s message remains consistent with the outlook provided at the recent investor day, we are confident in the potential upside from the Crane Currency acquisition, and believe the expected mid-teens EPS growth through 2021 will be a positive catalyst for the stock. Crane remains vulnerable to broader economic factors, but there appears to be little near-term risk associated with the steel and aluminum tariffs, based on what we know about the implementation, and the macro assumptions embedded in the 2018 guidance appear conservative. We like the Crane Currency acquisition, and believe that as management delivers on the earnings contribution from the acquisition (as well as the repositioning), we will see a steady improvement in investor sentiment. Much of the focus was on the timing of the Crane Currency integration.””
Several other equities research analysts have also recently commented on CR. Vertical Research upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Wednesday, December 6th. Oppenheimer restated a “buy” rating on shares of Crane in a report on Tuesday, December 5th. ValuEngine upgraded shares of Crane from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Stifel Nicolaus restated a “hold” rating and set a $99.00 price objective (up previously from $87.00) on shares of Crane in a report on Tuesday, January 16th. Finally, AltaCorp Capital restated a “buy” rating on shares of Crane in a report on Monday, January 15th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Crane presently has an average rating of “Buy” and an average target price of $106.29.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, January 29th. The conglomerate reported $1.18 EPS for the quarter, topping the consensus estimate of $1.17 by $0.01. Crane had a net margin of 6.17% and a return on equity of 20.66%. The company had revenue of $714.20 million during the quarter, compared to analysts’ expectations of $702.50 million. During the same quarter in the previous year, the company earned $1.02 EPS. Crane’s revenue was up 4.8% on a year-over-year basis. sell-side analysts anticipate that Crane will post 5.52 EPS for the current year.
In other Crane news, VP James A. Lavish sold 12,984 shares of Crane stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $94.90, for a total value of $1,232,181.60. Following the transaction, the vice president now owns 16,997 shares of the company’s stock, valued at $1,613,015.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Augustus I. Dupont sold 16,396 shares of Crane stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $97.74, for a total transaction of $1,602,545.04. Following the completion of the transaction, the vice president now directly owns 102,994 shares in the company, valued at approximately $10,066,633.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,861 shares of company stock worth $4,476,647. Insiders own 3.10% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CR. Virtus Fund Advisers LLC bought a new position in Crane in the fourth quarter valued at approximately $29,286,000. Victory Capital Management Inc. lifted its stake in Crane by 31.9% in the fourth quarter. Victory Capital Management Inc. now owns 874,707 shares of the conglomerate’s stock valued at $78,041,000 after buying an additional 211,710 shares in the last quarter. Thrivent Financial For Lutherans lifted its stake in Crane by 439.7% in the fourth quarter. Thrivent Financial For Lutherans now owns 220,104 shares of the conglomerate’s stock valued at $19,638,000 after buying an additional 179,324 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Crane by 153.0% in the fourth quarter. Wells Fargo & Company MN now owns 293,143 shares of the conglomerate’s stock worth $26,154,000 after purchasing an additional 177,275 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Crane by 456.2% in the fourth quarter. Alliancebernstein L.P. now owns 162,943 shares of the conglomerate’s stock worth $14,538,000 after purchasing an additional 133,649 shares in the last quarter. 69.36% of the stock is currently owned by hedge funds and other institutional investors.
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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