Bank of New York Mellon Corp Reduces Stock Position in Crane $CR

Bank of New York Mellon Corp trimmed its stake in shares of Crane (NYSE:CR) by 2.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 397,025 shares of the conglomerate’s stock after selling 9,361 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Crane worth $75,391,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CR. Bain Capital Public Equity Management II LLC raised its holdings in Crane by 117.3% during the first quarter. Bain Capital Public Equity Management II LLC now owns 937,237 shares of the conglomerate’s stock worth $143,566,000 after purchasing an additional 505,983 shares during the last quarter. Nuveen LLC acquired a new position in shares of Crane during the 1st quarter worth $75,254,000. Massachusetts Financial Services Co. MA boosted its position in shares of Crane by 23.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 679,768 shares of the conglomerate’s stock worth $104,127,000 after buying an additional 130,218 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Crane by 23.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 440,817 shares of the conglomerate’s stock valued at $67,524,000 after acquiring an additional 84,278 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Crane during the 2nd quarter valued at about $13,864,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. DA Davidson set a $235.00 price target on shares of Crane in a report on Thursday, October 30th. UBS Group reiterated a “buy” rating and set a $230.00 target price (up previously from $215.00) on shares of Crane in a report on Wednesday, July 30th. Weiss Ratings raised Crane from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Bank of America lifted their price objective on Crane from $220.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, August 21st. Finally, Stifel Nicolaus upped their target price on shares of Crane from $200.00 to $202.00 and gave the company a “hold” rating in a report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $223.60.

Crane Trading Up 0.1%

NYSE CR opened at $189.18 on Friday. The company has a market cap of $10.90 billion, a P/E ratio of 25.06, a P/E/G ratio of 1.93 and a beta of 1.22. Crane has a 12 month low of $127.04 and a 12 month high of $203.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The company has a 50-day moving average of $184.27 and a 200-day moving average of $182.82.

Crane (NYSE:CR) last released its earnings results on Monday, October 27th. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.18. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $589.20 million for the quarter, compared to analysts’ expectations of $578.54 million. During the same period last year, the company earned $1.38 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Crane has set its FY 2025 guidance at 5.750-5.950 EPS. As a group, equities analysts predict that Crane will post 7.87 earnings per share for the current year.

Crane Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 28th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, November 28th. Crane’s dividend payout ratio (DPR) is 14.74%.

Insiders Place Their Bets

In related news, VP Alejandro Alcala sold 20,791 shares of Crane stock in a transaction on Monday, August 25th. The stock was sold at an average price of $192.74, for a total value of $4,007,257.34. Following the transaction, the vice president owned 33,526 shares in the company, valued at approximately $6,461,801.24. This trade represents a 38.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.12% of the company’s stock.

Crane Profile

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.