Arizona State Retirement System Raises Holdings in Crane Co. (CR)
Arizona State Retirement System raised its position in Crane Co. (NYSE:CR) by 26.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,310 shares of the conglomerate’s stock after buying an additional 7,637 shares during the quarter. Arizona State Retirement System’s holdings in Crane were worth $3,240,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. grew its position in shares of Crane by 50.8% in the third quarter. Victory Capital Management Inc. now owns 662,997 shares of the conglomerate’s stock valued at $53,033,000 after purchasing an additional 223,225 shares in the last quarter. Wells Fargo & Company MN grew 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 valued at $26,154,000 after purchasing an additional 177,275 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Crane by 13.1% in the third quarter. Principal Financial Group Inc. now owns 1,440,120 shares of the conglomerate’s stock valued at $115,195,000 after purchasing an additional 167,051 shares in the last quarter. APG Asset Management N.V. purchased a new position in shares of Crane in the third quarter valued at $5,895,000. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Crane by 20.5% in the third quarter. Schwab Charles Investment Management Inc. now owns 382,295 shares of the conglomerate’s stock valued at $30,580,000 after purchasing an additional 65,092 shares in the last quarter. Hedge funds and other institutional investors own 68.81% of the company’s stock.
Crane Co. (CR) opened at $91.86 on Friday. Crane Co. has a 52-week low of $70.56 and a 52-week high of $102.65. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.40 and a current ratio of 1.81. The company has a market capitalization of $5,387.74, a PE ratio of 32.35, a P/E/G ratio of 1.25 and a beta of 1.23.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 9th. Investors of record on Wednesday, February 28th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.52%. This is a boost from Crane’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, February 27th. Crane’s payout ratio is presently 49.30%.
In related news, VP Augustus I. Dupont sold 16,396 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was 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 $10,066,633.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brendan Curran sold 16,356 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $93.87, for a total value of $1,535,337.72. Following the transaction, the insider now owns 27,702 shares of the company’s stock, valued at $2,600,386.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,861 shares of company stock valued at $4,476,647. 3.10% of the stock is owned by company insiders.
CR has been the subject of several recent research reports. ValuEngine upgraded Crane from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. UBS Group initiated coverage on Crane in a research report on Tuesday, January 23rd. They issued a “neutral” rating and a $100.00 price target for the company. Stifel Nicolaus reiterated a “hold” rating and issued a $99.00 price target (up from $87.00) on shares of Crane in a research report on Tuesday, January 16th. Oppenheimer reiterated a “buy” rating on shares of Crane in a research report on Tuesday, December 5th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $95.00 price target on shares of Crane in a research report on Tuesday, December 5th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $104.85.
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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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