Allspring Global Investments Holdings LLC Acquires 74 Shares of Crane (NYSE:CR)

Allspring Global Investments Holdings LLC increased its position in shares of Crane (NYSE:CR) by 0.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,076 shares of the conglomerate’s stock after buying an additional 74 shares during the period. Allspring Global Investments Holdings LLC owned 0.11% of Crane worth $9,927,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Crane by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 4,695,440 shares of the conglomerate’s stock worth $712,533,000 after purchasing an additional 14,373 shares during the period. Capital World Investors grew its holdings in Crane by 16.9% in the fourth quarter. Capital World Investors now owns 2,455,854 shares of the conglomerate’s stock worth $372,676,000 after purchasing an additional 355,765 shares during the period. Invesco Ltd. grew its holdings in Crane by 10.7% in the fourth quarter. Invesco Ltd. now owns 1,425,015 shares of the conglomerate’s stock worth $216,246,000 after purchasing an additional 138,279 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Crane by 1.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 976,497 shares of the conglomerate’s stock worth $148,184,000 after purchasing an additional 14,227 shares during the period. Finally, Norges Bank acquired a new stake in Crane in the fourth quarter worth $144,961,000. Institutional investors own 75.14% of the company’s stock.

Analyst Ratings Changes

CR has been the subject of a number of research reports. DA Davidson restated a “buy” rating and issued a $200.00 price target on shares of Crane in a report on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Crane from $187.00 to $226.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. UBS Group set a $215.00 price objective on shares of Crane and gave the company a “buy” rating in a report on Tuesday, June 10th. Finally, Stifel Nicolaus lifted their price objective on shares of Crane from $144.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Crane has an average rating of “Moderate Buy” and a consensus target price of $197.75.

Crane Stock Up 0.4%

CR opened at $193.16 on Friday. 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’s 50-day moving average is $175.67 and its 200 day moving average is $162.68. Crane has a fifty-two week low of $127.04 and a fifty-two week high of $194.06. The firm has a market capitalization of $11.11 billion, a P/E ratio of 25.58, a PEG ratio of 1.93 and a beta of 1.26.

Crane (NYSE:CR) last released its quarterly earnings results on Monday, April 28th. The conglomerate reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The company had revenue of $557.60 million for the quarter, compared to analyst estimates of $546.93 million. During the same period last year, the firm earned $1.22 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. Research analysts expect that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Friday, May 30th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Friday, May 30th. Crane’s payout ratio is currently 15.94%.

Insider Buying and Selling

In other Crane news, SVP Jason D. Feldman sold 1,300 shares of Crane stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $177.10, for a total value of $230,230.00. Following the sale, 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.12% of the company’s stock.

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.