Public Employees Retirement Association of Colorado increased its stake in Crane Company (NYSE:CR) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,932 shares of the conglomerate’s stock after buying an additional 27 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Crane were worth $788,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Cubic Asset Management LLC increased its position in shares of Crane by 1.5% in the second quarter. Cubic Asset Management LLC now owns 20,135 shares of the conglomerate’s stock worth $1,598,000 after buying an additional 295 shares during the period. ING Groep NV acquired a new position in shares of Crane during the second quarter worth $488,000. Acadian Asset Management LLC increased its position in shares of Crane by 1,116.2% in the second quarter. Acadian Asset Management LLC now owns 6,288 shares of the conglomerate’s stock worth $499,000 after buying an additional 5,771 shares during the period. Russell Investments Group Ltd. increased its position in shares of Crane by 61.3% in the second quarter. Russell Investments Group Ltd. now owns 75,420 shares of the conglomerate’s stock worth $5,988,000 after buying an additional 28,654 shares during the period. Finally, First Citizens Bank & Trust Co. increased its position in shares of Crane by 14.1% in the second quarter. First Citizens Bank & Trust Co. now owns 4,940 shares of the conglomerate’s stock worth $392,000 after buying an additional 612 shares during the period. Institutional investors and hedge funds own 70.61% of the company’s stock.
Crane Company (CR) opened at 73.37 on Friday. The stock has a 50 day moving average price of $78.67 and a 200 day moving average price of $76.76. Crane Company has a 52-week low of $59.81 and a 52-week high of $84.34. The firm has a market cap of $4.37 billion, a P/E ratio of 33.43 and a beta of 1.10.
Crane (NYSE:CR) last posted its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 EPS for the quarter, hitting analysts’ consensus estimates of $1.17. The company had revenue of $702.50 million for the quarter, compared to analysts’ expectations of $702.53 million. Crane had a net margin of 4.79% and a return on equity of 20.57%. Crane’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 EPS. Equities analysts predict that Crane Company will post $4.47 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Thursday, August 31st will be issued a $0.33 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.80%. Crane’s dividend payout ratio (DPR) is presently 60.83%.
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CR has been the topic of a number of recent analyst reports. Canaccord Genuity raised Crane from a “hold” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $92.00 in a research report on Tuesday, May 16th. TheStreet raised Crane from a “c+” rating to a “b+” rating in a research report on Monday, April 24th. Zacks Investment Research raised Crane from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Monday, July 17th. ValuEngine raised Crane from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $90.00 price target (up previously from $82.00) on shares of Crane in a research report on Monday, May 1st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $76.88.
In related news, VP Kristian Robert Salovaara sold 9,200 shares of Crane stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $76.20, for a total value of $701,040.00. Following the sale, the vice president now owns 24,786 shares of the company’s stock, valued at approximately $1,888,693.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.10% of the company’s stock.
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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