Crane NXT (NYSE:CXT) Receives Buy Rating from DA Davidson

Key Points

• Crane NXT's stock has received a "buy" rating from DA Davidson, with a price target of $85.00, suggesting a potential upside of 40.75% from the previous close.
• The company reported an earnings per share (EPS) of $0.97 for the last quarter, exceeding analysts' expectations of $0.92, along with revenues of $404.40 million.
• Institutional investors have increased their holdings significantly, with AllianceBernstein L.P. raising its stake by 2,449.9% during the 2nd quarter.

Crane NXT (NYSE:CXT - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at DA Davidson in a report issued on Monday,Benzinga reports. They currently have a $85.00 price target on the stock. DA Davidson's price objective points to a potential upside of 40.75% from the company's previous close.

Crane NXT Trading Down 2.5%

NYSE:CXT opened at $60.39 on Monday. Crane NXT has a 52 week low of $41.54 and a 52 week high of $67.00. The firm's fifty day moving average is $59.40 and its 200-day moving average is $54.37. The firm has a market cap of $3.47 billion, a P/E ratio of 23.05 and a beta of 1.37. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.20.

Crane NXT (NYSE:CXT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.05. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. The business had revenue of $404.40 million for the quarter, compared to analysts' expectations of $382.79 million. Equities analysts expect that Crane NXT will post 4.16 earnings per share for the current year.

Institutional Investors Weigh In On Crane NXT

A number of large investors have recently bought and sold shares of CXT. Alliancebernstein L.P. raised its stake in Crane NXT by 2,449.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,770,807 shares of the company's stock worth $95,446,000 after buying an additional 1,701,361 shares during the period. Ameriprise Financial Inc. raised its position in shares of Crane NXT by 173.3% during the first quarter. Ameriprise Financial Inc. now owns 1,084,625 shares of the company's stock worth $55,750,000 after purchasing an additional 687,738 shares during the period. Norges Bank acquired a new stake in Crane NXT in the 2nd quarter valued at $32,163,000. Wellington Management Group LLP grew its position in Crane NXT by 16.2% in the 1st quarter. Wellington Management Group LLP now owns 3,668,953 shares of the company's stock valued at $188,584,000 after purchasing an additional 512,813 shares during the period. Finally, Conestoga Capital Advisors LLC grew its position in Crane NXT by 83.5% in the 1st quarter. Conestoga Capital Advisors LLC now owns 993,154 shares of the company's stock valued at $51,048,000 after purchasing an additional 451,814 shares during the period. 77.49% of the stock is currently owned by institutional investors and hedge funds.

Crane NXT Company Profile

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers' important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.

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