Gabelli Funds LLC Sells 29,000 Shares of Crane NXT, Co. (NYSE:CXT)

Gabelli Funds LLC lowered its position in shares of Crane NXT, Co. (NYSE:CXT) by 16.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,050 shares of the company’s stock after selling 29,000 shares during the quarter. Gabelli Funds LLC’s holdings in Crane NXT were worth $8,328,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp boosted its holdings in Crane NXT by 98.6% in the 4th quarter. Fifth Third Bancorp now owns 556 shares of the company’s stock worth $32,000 after buying an additional 276 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Crane NXT in the third quarter valued at about $32,000. Covestor Ltd boosted its stake in shares of Crane NXT by 38.6% in the fourth quarter. Covestor Ltd now owns 739 shares of the company’s stock worth $43,000 after acquiring an additional 206 shares during the period. Venturi Wealth Management LLC grew its position in shares of Crane NXT by 985.4% during the fourth quarter. Venturi Wealth Management LLC now owns 1,639 shares of the company’s stock worth $95,000 after purchasing an additional 1,488 shares in the last quarter. Finally, Cascade Financial Partners LLC bought a new stake in Crane NXT during the 4th quarter valued at approximately $202,000. 77.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CXT shares. Northland Capmk lowered shares of Crane NXT from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Northland Securities cut shares of Crane NXT from an “outperform” rating to a “market perform” rating and set a $72.00 target price for the company. in a research note on Tuesday, February 18th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.33.

Crane NXT Stock Performance

NYSE CXT opened at $44.26 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.14 and a quick ratio of 0.88. Crane NXT, Co. has a 1-year low of $41.54 and a 1-year high of $67.01. The business has a 50 day simple moving average of $52.88 and a two-hundred day simple moving average of $56.93. The stock has a market capitalization of $2.54 billion, a PE ratio of 13.87 and a beta of 1.21.

Crane NXT (NYSE:CXT) last posted its earnings results on Wednesday, February 12th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.01. Crane NXT had a net margin of 12.38% and a return on equity of 24.08%. On average, research analysts predict that Crane NXT, Co. will post 4.16 EPS for the current fiscal year.

Crane NXT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 28th were issued a $0.17 dividend. The ex-dividend date of this dividend was Friday, February 28th. This is an increase from Crane NXT’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.54%. Crane NXT’s payout ratio is 21.32%.

About Crane NXT

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers’ important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.