Crane (NYSE:CR) Announces Quarterly Earnings Results

Crane (NYSE:CR) posted its earnings results on Monday. The conglomerate reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10, Briefing.com reports. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $565.30 million for the quarter, compared to analysts’ expectations of $546.39 million. During the same quarter in the prior year, the business earned $1.25 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. Crane updated its FY24 guidance to $4.75-5.05 EPS and its FY 2024 guidance to 4.750-5.050 EPS.

Crane Trading Up 2.4 %

Crane stock traded up $3.28 during midday trading on Wednesday, reaching $141.39. 180,512 shares of the stock traded hands, compared to its average volume of 239,161. The company has a 50-day simple moving average of $130.01 and a two-hundred day simple moving average of $115.65. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29. The firm has a market cap of $8.07 billion, a PE ratio of 37.47, a price-to-earnings-growth ratio of 1.93 and a beta of 1.49. Crane has a 12-month low of $67.28 and a 12-month high of $143.67.

Crane Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 31st will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Friday, May 31st. Crane’s dividend payout ratio (DPR) is 22.22%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CR. Stifel Nicolaus increased their target price on shares of Crane from $150.00 to $157.00 and gave the stock a “buy” rating in a report on Wednesday. StockNews.com downgraded Crane from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Vertical Research upgraded Crane from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Bank of America lifted their target price on Crane from $110.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.40.

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.