State Treasurer State of Michigan Sells 1,800 Shares of Crane Company (CR)
State Treasurer State of Michigan lessened its holdings in shares of Crane Company (NYSE:CR) by 8.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,032 shares of the conglomerate’s stock after selling 1,800 shares during the quarter. State Treasurer State of Michigan’s holdings in Crane were worth $1,522,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Crane by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 4,117,785 shares of the conglomerate’s stock valued at $326,871,000 after purchasing an additional 95,817 shares in the last quarter. BlackRock Inc. increased its stake in Crane by 2.0% during the 2nd quarter. BlackRock Inc. now owns 4,077,492 shares of the conglomerate’s stock valued at $323,668,000 after purchasing an additional 80,055 shares in the last quarter. State Street Corp increased its stake in Crane by 2.1% during the 2nd quarter. State Street Corp now owns 1,294,600 shares of the conglomerate’s stock valued at $102,771,000 after purchasing an additional 26,771 shares in the last quarter. Principal Financial Group Inc. increased its stake in Crane by 115.7% during the 2nd quarter. Principal Financial Group Inc. now owns 1,273,069 shares of the conglomerate’s stock valued at $101,056,000 after purchasing an additional 682,934 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Crane by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 642,497 shares of the conglomerate’s stock valued at $51,002,000 after purchasing an additional 11,670 shares in the last quarter. Institutional investors and hedge funds own 69.02% of the company’s stock.
Crane Company (NYSE:CR) opened at $84.37 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.96 and a current ratio of 2.66. The stock has a market cap of $5,028.50, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.85 and a beta of 1.17. Crane Company has a fifty-two week low of $66.29 and a fifty-two week high of $86.67.
Crane (NYSE:CR) last posted its quarterly earnings data on Monday, October 23rd. The conglomerate reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. The firm had revenue of $695.90 million for the quarter, compared to the consensus estimate of $679.77 million. Crane had a net margin of 4.96% and a return on equity of 20.70%. The business’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.07 EPS. sell-side analysts anticipate that Crane Company will post 4.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Thursday, November 30th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Wednesday, November 29th. Crane’s dividend payout ratio is 59.19%.
In related news, VP Edward S. Switter sold 7,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $74.03, for a total value of $518,210.00. Following the transaction, the vice president now directly owns 23,873 shares of the company’s stock, valued at approximately $1,767,318.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Augustus I. Dupont sold 3,556 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was 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 directly owns 80,560 shares in the company, valued at $6,758,178.40. The disclosure for this sale can be found here. Insiders have sold a total of 33,403 shares of company stock worth $2,693,998 over the last ninety days. Insiders own 3.10% of the company’s stock.
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A number of analysts have commented on CR shares. Wolfe Research started coverage on shares of Crane in a research note on Tuesday, July 11th. They set a “market perform” rating for the company. Stifel Nicolaus restated a “hold” rating and set a $85.00 price target on shares of Crane in a research note on Friday, July 14th. Zacks Investment Research upgraded shares of Crane from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research note on Monday, July 17th. BidaskClub lowered shares of Crane from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Finally, ValuEngine upgraded shares of Crane from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Crane presently has a consensus rating of “Buy” and a consensus price target of $81.63.
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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