Crane NXT (NYSE:CXT) Shares Gap Up - Here's What Happened

Key Points

• Crane NXT's stock price opened at $60.46, a significant gap up from its previous close of $56.48, and last traded at $64.30.
• Analysts have set a new price target of $85.00 for Crane NXT, with a consensus rating of "Moderate Buy" and an average price target of $73.75.
• The company recently declared a quarterly dividend of $0.17 per share, amounting to an annualized dividend yield of 1.0%.

Crane NXT, Co. (NYSE:CXT - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $56.48, but opened at $60.46. Crane NXT shares last traded at $64.30, with a volume of 149,917 shares.

Analysts Set New Price Targets

Separately, DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Crane NXT in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $73.75.

Crane NXT Stock Up 15.5%

The stock has a market capitalization of $3.74 billion, a P/E ratio of 24.89 and a beta of 1.37. The firm's fifty day moving average is $59.41 and its 200-day moving average is $54.51. The company has a current ratio of 1.20, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73.

Crane NXT (NYSE:CXT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.05. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. The firm had revenue of $404.40 million during the quarter, compared to the consensus estimate of $382.79 million. As a group, equities research analysts predict that Crane NXT, Co. will post 4.16 earnings per share for the current year.

Crane NXT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 29th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 29th. Crane NXT's payout ratio is 25.95%.

Institutional Investors Weigh In On Crane NXT

A number of institutional investors and hedge funds have recently modified their holdings of CXT. Deutsche Bank AG raised its position in Crane NXT by 3.0% during the fourth quarter. Deutsche Bank AG now owns 5,831 shares of the company's stock worth $339,000 after acquiring an additional 168 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Crane NXT by 0.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 50,304 shares of the company's stock valued at $2,711,000 after purchasing an additional 190 shares during the period. FourThought Financial Partners LLC raised its position in shares of Crane NXT by 4.6% in the first quarter. FourThought Financial Partners LLC now owns 4,909 shares of the company's stock valued at $252,000 after purchasing an additional 216 shares during the period. Kirr Marbach & Co. LLC IN raised its position in shares of Crane NXT by 0.3% in the second quarter. Kirr Marbach & Co. LLC IN now owns 97,159 shares of the company's stock valued at $5,237,000 after purchasing an additional 246 shares during the period. Finally, Fifth Third Bancorp raised its position in shares of Crane NXT by 46.0% in the first quarter. Fifth Third Bancorp now owns 812 shares of the company's stock valued at $42,000 after purchasing an additional 256 shares during the period. 77.49% of the stock is owned by institutional investors.

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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