Texas Permanent School Fund grew its position in shares of Crane Co. (NYSE:CR) by 4.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,497 shares of the conglomerate’s stock after purchasing an additional 1,430 shares during the period. Texas Permanent School Fund’s holdings in Crane were worth $2,919,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CR. First Interstate Bank purchased a new position in Crane during the 1st quarter valued at about $110,000. Prospera Financial Services Inc purchased a new position in Crane during the 1st quarter valued at about $233,000. Alps Advisors Inc. purchased a new position in Crane during the 1st quarter valued at about $413,000. Broderick Brian C purchased a new position in Crane during the 1st quarter valued at about $229,000. Finally, Arizona State Retirement System increased its holdings in Crane by 0.6% during the 1st quarter. Arizona State Retirement System now owns 36,482 shares of the conglomerate’s stock valued at $3,087,000 after purchasing an additional 214 shares during the period. 69.16% of the stock is owned by hedge funds and other institutional investors.
In other Crane news, insider Louis V. Pinkham sold 55,103 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $85.03, for a total value of $4,685,408.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James A. Lavish sold 5,150 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $84.94, for a total value of $437,441.00. The disclosure for this sale can be found here. Corporate insiders own 3.39% of the company’s stock.
CR stock traded up $0.88 during trading on Thursday, reaching $86.29. The company’s stock had a trading volume of 667 shares, compared to its average volume of 292,469. Crane Co. has a 1 year low of $67.18 and a 1 year high of $100.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.95. The firm has a market capitalization of $5.07 billion, a PE ratio of 14.39, a PEG ratio of 2.12 and a beta of 1.35.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, April 29th. The conglomerate reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.06. Crane had a return on equity of 24.49% and a net margin of 10.34%. The business had revenue of $831.70 million during the quarter, compared to analyst estimates of $792.39 million. During the same quarter in the prior year, the business posted $1.31 EPS. Crane’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts forecast that Crane Co. will post 6.39 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 31st will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.56 dividend on an annualized basis and a yield of 1.81%. Crane’s payout ratio is presently 26.04%.
A number of research analysts have weighed in on the company. Buckingham Research upped their target price on Crane from $101.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday. Seaport Global Securities restated a “buy” rating and issued a $105.00 price objective on shares of Crane in a research note on Wednesday, January 30th. William Blair lowered Crane from an “outperform” rating to a “market perform” rating and set a $79.14 price objective for the company. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. Stifel Nicolaus set a $100.00 price objective on Crane and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, Zacks Investment Research upgraded Crane from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $96.45.
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Crane Co manufactures and sells engineered industrial products in the United States and internationally. The company's Fluid Handling segment provides 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.
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