Brokerages Expect Crane Co. (CR) Will Announce Quarterly Sales of $862.80 Million
Equities analysts expect that Crane Co. (NYSE:CR) will report $862.80 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Crane’s earnings, with the lowest sales estimate coming in at $843.90 million and the highest estimate coming in at $894.00 million. Crane posted sales of $695.90 million in the same quarter last year, which suggests a positive year-over-year growth rate of 24%. The company is expected to announce its next quarterly earnings report on Monday, October 22nd.
On average, analysts expect that Crane will report full year sales of $3.39 billion for the current fiscal year, with estimates ranging from $3.36 billion to $3.46 billion. For the next financial year, analysts expect that the company will report sales of $3.50 billion per share, with estimates ranging from $3.37 billion to $3.62 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Crane.
Crane (NYSE:CR) last released its earnings results on Monday, July 23rd. The conglomerate reported $1.41 EPS for the quarter, beating the consensus estimate of $1.35 by $0.06. Crane had a net margin of 6.17% and a return on equity of 21.72%. The firm had revenue of $851.00 million for the quarter, compared to analyst estimates of $834.45 million. During the same period last year, the firm earned $1.17 EPS. The business’s quarterly revenue was up 21.1% compared to the same quarter last year.
CR stock traded up $1.32 during mid-day trading on Thursday, hitting $98.71. The stock had a trading volume of 521,696 shares, compared to its average volume of 239,738. The company has a quick ratio of 1.12, a current ratio of 1.60 and a debt-to-equity ratio of 0.65. Crane has a 52 week low of $77.80 and a 52 week high of $102.65. The firm has a market cap of $5.88 billion, a P/E ratio of 21.79, a P/E/G ratio of 1.78 and a beta of 1.28.
The business also recently declared a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Friday, August 31st were paid a $0.35 dividend. The ex-dividend date was Thursday, August 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.42%. Crane’s payout ratio is currently 30.91%.
In related news, CFO Richard A. Maue sold 13,150 shares of Crane stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $89.04, for a total transaction of $1,170,876.00. Following the sale, the chief financial officer now directly owns 55,390 shares in the company, valued at approximately $4,931,925.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Max H. Mitchell sold 40,765 shares of Crane stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $89.18, for a total transaction of $3,635,422.70. Following the sale, the insider now owns 200,654 shares in the company, valued at $17,894,323.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 83,531 shares of company stock worth $7,477,261. 3.00% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of CR. Laurion Capital Management LP acquired a new position in shares of Crane in the 2nd quarter worth approximately $1,939,000. Schwab Charles Investment Management Inc. lifted its position in shares of Crane by 6.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 370,894 shares of the conglomerate’s stock worth $29,720,000 after purchasing an additional 23,667 shares during the period. Fort Washington Investment Advisors Inc. OH lifted its position in shares of Crane by 31.8% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 207,082 shares of the conglomerate’s stock worth $16,593,000 after purchasing an additional 50,000 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of Crane in the 2nd quarter worth approximately $1,250,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Crane in the 1st quarter worth approximately $2,089,000. Institutional investors and hedge funds own 68.33% of the company’s stock.
Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including on/off valves and related products for application in the chemical, oil and gas, power, and general industrial end markets; valves and related products for the non-residential construction, general industrial, and municipal markets; and pumps and related products for water and wastewater applications in the industrial, municipal, commercial, and military markets.
Further Reading: How to interpret a stock’s beta number
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.