Crane (NYSE:CR) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Crane (NYSE:CR) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $107.00 price objective on the conglomerate’s stock.

According to Zacks, “Crane’s third-quarter earnings and revenues beat the Zacks Consensus Estimate by 38% and 7.7%, respectively. The company is experiencing improving order trends across its businesses, including short-cycle commercial and core process. In the quarters ahead, strength across chemical and general industrial and recovery in commercial aerospace end markets is likely to drive its performance. For 2021, it expects net sales of $3,150 million and adjusted earnings of $6.35-$6.45 per share. Its shares have outperformed the industry in the past six months. However, headwinds across its defense OEM business might continue to affect its near-term performance. The company has been dealing with high costs and expenses, which might affect its margins and profitability. An increase in debt levels can raise its financial obligations and hurt profitability.”

Several other research firms have also weighed in on CR. Bank of America began coverage on shares of Crane in a research note on Wednesday, September 8th. They issued a buy rating and a $123.00 price objective for the company. DA Davidson lifted their price objective on shares of Crane from $115.00 to $125.00 and gave the stock a buy rating in a report on Tuesday. They noted that the move was a valuation call. Finally, BMO Capital Markets raised shares of Crane to an outperform rating in a report on Monday, September 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Buy and a consensus price target of $105.60.

NYSE:CR opened at $100.35 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.20 and a quick ratio of 1.60. Crane has a one year low of $49.05 and a one year high of $106.12. The firm’s 50 day simple moving average is $96.51 and its 200 day simple moving average is $94.89. The company has a market cap of $5.88 billion, a PE ratio of 16.89, a P/E/G ratio of 0.81 and a beta of 1.70.

Crane (NYSE:CR) last released its quarterly earnings results on Sunday, October 24th. The conglomerate reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.53. Crane had a net margin of 11.33% and a return on equity of 20.48%. The firm had revenue of $833.50 million during the quarter, compared to analyst estimates of $770.61 million. During the same quarter last year, the business earned $1.05 EPS. The company’s revenue was up 21.4% compared to the same quarter last year. Equities research analysts expect that Crane will post 6.13 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 8th. Investors of record on Tuesday, November 30th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Monday, November 29th. Crane’s dividend payout ratio (DPR) is currently 44.79%.

In related news, SVP Kurt F. Gallo sold 5,000 shares of the business’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $98.01, for a total value of $490,050.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kurt F. Gallo sold 4,546 shares of the business’s stock in a transaction dated Tuesday, August 10th. The shares were sold at an average price of $99.29, for a total value of $451,372.34. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,297,468 over the last three months. 3.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Crane by 115.0% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 286 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 153 shares during the period. Eagle Bay Advisors LLC bought a new position in Crane in the second quarter worth $27,000. First Quadrant L P CA bought a new position in shares of Crane during the third quarter valued at $34,000. Toth Financial Advisory Corp bought a new position in shares of Crane during the third quarter valued at $57,000. Finally, Lazard Asset Management LLC bought a new position in shares of Crane during the second quarter valued at $71,000. 70.80% of the stock is owned by institutional investors and hedge funds.

Crane Company Profile

Crane Co engages in the manufacturing of engineered industrial products. It operates through the following business segments: Fluid Handling; Payment and Merchandising Technologies; Aerospace and Electronics; and Engineered Materials. The Fluid Handling segment provides industrial fluid control products and systems.

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