Synovus Financial Corp raised its stake in Crane Co. (NYSE:CR) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,797 shares of the conglomerate’s stock after purchasing an additional 210 shares during the period. Synovus Financial Corp’s holdings in Crane were worth $638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in shares of Crane by 105.8% during the fourth quarter. Principal Financial Group Inc. now owns 2,079,090 shares of the conglomerate’s stock worth $161,462,000 after acquiring an additional 1,068,747 shares during the last quarter. Norges Bank purchased a new stake in shares of Crane during the fourth quarter worth about $55,959,000. Alliancebernstein L.P. grew its stake in shares of Crane by 74.2% during the first quarter. Alliancebernstein L.P. now owns 1,581,792 shares of the conglomerate’s stock worth $148,546,000 after acquiring an additional 673,598 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Crane by 174.9% during the fourth quarter. Nuveen Asset Management LLC now owns 576,767 shares of the conglomerate’s stock worth $44,791,000 after acquiring an additional 366,931 shares during the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Crane by 355.6% during the fourth quarter. Schroder Investment Management Group now owns 326,770 shares of the conglomerate’s stock worth $25,376,000 after acquiring an additional 255,049 shares during the last quarter. Institutional investors own 68.08% of the company’s stock.
A number of equities research analysts recently commented on CR shares. DA Davidson lifted their target price on Crane from $85.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, May 5th. Canaccord Genuity lifted their target price on Crane from $96.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, March 10th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $89.50.
Crane stock opened at $91.49 on Friday. Crane Co. has a 52 week low of $48.19 and a 52 week high of $99.93. The firm has a market capitalization of $5.34 billion, a P/E ratio of 23.70 and a beta of 1.71. The business’s 50-day moving average price is $95.06. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.59 and a quick ratio of 1.17.
Crane (NYSE:CR) last announced its quarterly earnings results on Sunday, May 2nd. The conglomerate reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.35. Crane had a return on equity of 16.81% and a net margin of 7.62%. The company had revenue of $833.50 million during the quarter, compared to the consensus estimate of $771.33 million. During the same period in the previous year, the company posted $1.15 earnings per share. Crane’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts expect that Crane Co. will post 5.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 9th. Shareholders of record on Friday, May 28th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend was Thursday, May 27th. Crane’s payout ratio is presently 44.79%.
Crane Company Profile
Crane Co manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company's Fluid Handling segment offers on/off valves and related products for 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; fluid control instrumentation and sampling solutions; and pumps and related products for water and wastewater applications in industrial, municipal, commercial, and military markets.
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