Crane (NYSE:CR) Shares Gap Up on Strong Earnings

Crane (NYSE:CR - Get Free Report)'s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $148.67, but opened at $160.00. Crane shares last traded at $160.49, with a volume of 135,308 shares trading hands.

The conglomerate reported $1.39 EPS for the quarter, topping the consensus estimate of $1.29 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The company had revenue of $557.60 million for the quarter, compared to analyst estimates of $546.93 million. During the same quarter in the prior year, the business posted $1.22 EPS. Crane's quarterly revenue was up 9.3% on a year-over-year basis.

Crane Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Friday, May 30th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.55%. Crane's dividend payout ratio is currently 18.18%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CR shares. StockNews.com downgraded Crane from a "buy" rating to a "hold" rating in a research note on Tuesday, March 4th. UBS Group raised shares of Crane from a "neutral" rating to a "buy" rating and lifted their price target for the company from $157.00 to $190.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft set a $186.00 price objective on shares of Crane and gave the stock a "buy" rating in a report on Monday, April 14th. Stifel Nicolaus lifted their target price on shares of Crane from $144.00 to $150.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, DA Davidson reissued a "buy" rating and set a $200.00 target price on shares of Crane in a research report on Tuesday, March 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.20.

Insider Activity at Crane

In other Crane news, VP Alejandro Alcala sold 2,293 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $170.96, for a total value of $392,011.28. Following the completion of the transaction, the vice president now owns 32,963 shares of the company's stock, valued at $5,635,354.48. This represents a 6.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.12% of the company's stock.

Institutional Trading of Crane

A number of institutional investors and hedge funds have recently modified their holdings of CR. Aviva PLC bought a new stake in Crane in the 4th quarter valued at $538,000. Raymond James Financial Inc. bought a new stake in Crane in the fourth quarter valued at about $12,890,000. Rhumbline Advisers raised its position in Crane by 2.2% in the fourth quarter. Rhumbline Advisers now owns 135,191 shares of the conglomerate's stock worth $20,515,000 after purchasing an additional 2,953 shares in the last quarter. American Century Companies Inc. lifted its stake in Crane by 2.7% during the fourth quarter. American Century Companies Inc. now owns 323,272 shares of the conglomerate's stock worth $49,057,000 after purchasing an additional 8,552 shares during the period. Finally, Bank of Nova Scotia acquired a new stake in Crane during the fourth quarter valued at approximately $744,000. 75.14% of the stock is currently owned by institutional investors.

Crane Stock Performance

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 50 day moving average price of $150.45 and a two-hundred day moving average price of $160.15. The company has a market capitalization of $9.61 billion, a P/E ratio of 22.18, a price-to-earnings-growth ratio of 1.93 and a beta of 1.31.

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.