Crane (NYSE:CR) Hits New 12-Month High on Strong Earnings

Shares of Crane (NYSE:CR) reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $203.07 and last traded at $199.44, with a volume of 68831 shares trading hands. The stock had previously closed at $189.98.

The conglomerate reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.15. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $577.20 million for the quarter, compared to analyst estimates of $567.70 million. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue was up 9.2% on a year-over-year basis.

Crane Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Friday, August 29th. Crane’s dividend payout ratio (DPR) is presently 15.94%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CR shares. Stifel Nicolaus increased their target price on Crane from $189.00 to $200.00 and gave the company a “hold” rating in a research note on Wednesday. DA Davidson reissued a “buy” rating and set a $200.00 price objective on shares of Crane in a research note on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Crane from $187.00 to $226.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Finally, UBS Group lifted their price objective on shares of Crane from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $214.00.

Insiders Place Their Bets

In other Crane news, SVP Jason D. Feldman sold 1,300 shares of Crane stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $177.10, for a total value of $230,230.00. Following the transaction, the senior vice president owned 9,796 shares of the company’s stock, valued at approximately $1,734,871.60. The trade was a 11.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CR. Bain Capital Public Equity Management II LLC raised its holdings in shares of Crane by 117.3% in the first quarter. Bain Capital Public Equity Management II LLC now owns 937,237 shares of the conglomerate’s stock valued at $143,566,000 after purchasing an additional 505,983 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Crane in the first quarter valued at approximately $75,254,000. Alliancebernstein L.P. raised its holdings in shares of Crane by 619.4% in the fourth quarter. Alliancebernstein L.P. now owns 499,656 shares of the conglomerate’s stock valued at $75,823,000 after purchasing an additional 430,201 shares during the last quarter. Capital World Investors raised its holdings in shares of Crane by 16.9% in the fourth quarter. Capital World Investors now owns 2,455,854 shares of the conglomerate’s stock valued at $372,676,000 after purchasing an additional 355,765 shares during the last quarter. Finally, Select Equity Group L.P. raised its holdings in shares of Crane by 25.2% in the fourth quarter. Select Equity Group L.P. now owns 754,170 shares of the conglomerate’s stock valued at $114,445,000 after purchasing an additional 151,717 shares during the last quarter. 75.14% of the stock is currently owned by institutional investors.

Crane Stock Down 1.3%

The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 25.93, a P/E/G ratio of 1.93 and a beta of 1.26. The stock’s fifty day moving average price is $183.96 and its 200-day moving average price is $167.42.

About Crane

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.