DA Davidson Reaffirms Buy Rating for Crane NXT (NYSE:CXT)

Key Points

• DA Davidson has reiterated its buy rating for Crane NXT (NYSE:CXT), setting a target price of $85.00, indicating a potential upside of 30.84% from its recent close.
• Crane NXT reported $0.97 earnings per share for the last quarter, surpassing analysts' expectations of $0.92, with revenues of $404.40 million.
• Institutional investors now hold 77.49% of Crane NXT's stock, reflecting significant interest and investment from hedge funds in the company.

Crane NXT (NYSE:CXT - Get Free Report)'s stock had its "buy" rating reiterated by DA Davidson in a research report issued on Tuesday,Benzinga reports. They presently have a $85.00 target price on the stock. DA Davidson's price objective points to a potential upside of 30.84% from the stock's previous close.

Crane NXT Price Performance

NYSE:CXT traded up $8.48 during trading hours on Tuesday, reaching $64.96. The company had a trading volume of 386,832 shares, compared to its average volume of 424,871. The stock has a 50-day moving average of $59.41 and a two-hundred day moving average of $54.51. Crane NXT has a one year low of $41.54 and a one year high of $67.00. The firm has a market capitalization of $3.73 billion, a PE ratio of 24.59 and a beta of 1.37. The company has a quick ratio of 0.89, a current ratio of 1.20 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 for the quarter, beating analysts' consensus estimates of $0.92 by $0.05. The firm had revenue of $404.40 million for the quarter, compared to analysts' expectations of $382.79 million. Crane NXT had a return on equity of 20.22% and a net margin of 9.84%. Analysts forecast that Crane NXT will post 4.16 earnings per share for the current year.

Hedge Funds Weigh In On Crane NXT

Institutional investors and hedge funds have recently bought and sold shares of the business. Park Square Financial Group LLC acquired a new position in Crane NXT in the fourth quarter worth $26,000. AlphaQuest LLC acquired a new position in shares of Crane NXT during the second quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its stake in shares of Crane NXT by 4,080.0% during the second quarter. EverSource Wealth Advisors LLC now owns 627 shares of the company's stock valued at $34,000 after acquiring an additional 612 shares during the period. UMB Bank n.a. lifted its stake in shares of Crane NXT by 87.2% during the first quarter. UMB Bank n.a. now owns 702 shares of the company's stock valued at $36,000 after acquiring an additional 327 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Crane NXT by 120.3% during the first quarter. Jones Financial Companies Lllp now owns 716 shares of the company's stock valued at $37,000 after acquiring an additional 391 shares during the period. Institutional investors and hedge funds own 77.49% of the company's stock.

About Crane NXT

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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