Crane (NYSE:CR) Sets New 52-Week High on Earnings Beat

Key Points

• Crane (NYSE:CR) achieved a new 52-week high after reporting earnings per share (EPS) of $1.49, surpassing analysts' estimates of $1.34.
• The company declared a quarterly dividend of $0.23, which will be paid on September 10th, reflecting a 0.46% dividend yield.
• Several analysts have recently increased their price targets for Crane, with Deutsche Bank setting a new target at $226.00 and maintaining a "buy" rating.

Crane (NYSE:CR - Get Free Report)'s stock price hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $203.07 and last traded at $199.44, with a volume of 68831 shares traded. The stock had previously closed at $189.98.

The conglomerate reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.15. Crane had a return on equity of 24.45% and a net margin of 13.10%. The business had revenue of $577.20 million during the quarter, compared to analysts' expectations of $567.70 million. During the same quarter last year, the business posted $1.20 earnings per share. The company's quarterly revenue was up 9.2% on a year-over-year basis.

Crane Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.92 annualized dividend and a yield of 0.5%. Crane's dividend payout ratio (DPR) is currently 15.31%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CR shares. Stifel Nicolaus raised their target price on Crane from $189.00 to $200.00 and gave the company a "hold" rating in a research note on Wednesday. DA Davidson increased their price target on Crane from $200.00 to $230.00 and gave the company a "buy" rating in a research report on Wednesday. UBS Group reiterated a "buy" rating and issued a $230.00 price target (up previously from $215.00) on shares of Crane in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Crane from $187.00 to $226.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $221.50.

Insider Buying and Selling

In other Crane news, SVP Jason D. Feldman sold 1,300 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $177.10, for a total transaction of $230,230.00. Following the completion of the sale, the senior vice president directly owned 9,796 shares in the company, valued at approximately $1,734,871.60. This trade represents a 11.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.12% of the company's stock.

Institutional Investors Weigh In On Crane

Institutional investors have recently bought and sold shares of the business. Huntington National Bank raised its stake in shares of Crane by 487.8% during the 4th quarter. Huntington National Bank now owns 241 shares of the conglomerate's stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Golden State Wealth Management LLC raised its stake in shares of Crane by 104.8% during the 1st quarter. Golden State Wealth Management LLC now owns 256 shares of the conglomerate's stock worth $39,000 after purchasing an additional 131 shares in the last quarter. Westpac Banking Corp bought a new position in shares of Crane in the 1st quarter valued at approximately $76,000. Fifth Third Bancorp raised its stake in shares of Crane by 31.4% in the 1st quarter. Fifth Third Bancorp now owns 569 shares of the conglomerate's stock valued at $87,000 after acquiring an additional 136 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Crane by 84.7% in the 1st quarter. UMB Bank n.a. now owns 687 shares of the conglomerate's stock valued at $105,000 after acquiring an additional 315 shares in the last quarter. 75.14% of the stock is currently owned by institutional investors and hedge funds.

Crane Price Performance

The stock has a 50 day moving average of $184.93 and a two-hundred day moving average of $168.01. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The firm has a market capitalization of $11.11 billion, a P/E ratio of 25.60, a P/E/G ratio of 1.93 and a beta of 1.26.

Crane Company Profile

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.