Adage Capital Partners GP L.L.C. Acquires New Shares in Crane NXT, Co. $CXT

Key Points

• Adage Capital Partners GP L.L.C. has taken a significant position in Crane NXT, acquiring 193,206 shares valued at approximately $9.93 million, representing 0.34% of the company.
• Crane NXT reported earnings of $0.97 per share for the most recent quarter, surpassing expectations, with a revenue of $404.4 million.
• The company announced a quarterly dividend of $0.17, contributing to an annual yield of 1.1%, reflecting a dividend payout ratio of 25.95%.

Adage Capital Partners GP L.L.C. purchased a new position in shares of Crane NXT, Co. (NYSE:CXT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 193,206 shares of the company's stock, valued at approximately $9,931,000. Adage Capital Partners GP L.L.C. owned 0.34% of Crane NXT at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CXT. Park Square Financial Group LLC bought a new stake in Crane NXT during the fourth quarter worth $26,000. UMB Bank n.a. lifted its holdings in Crane NXT by 87.2% during the first quarter. UMB Bank n.a. now owns 702 shares of the company's stock worth $36,000 after acquiring an additional 327 shares during the period. Fifth Third Bancorp lifted its holdings in Crane NXT by 46.0% during the first quarter. Fifth Third Bancorp now owns 812 shares of the company's stock worth $42,000 after acquiring an additional 256 shares during the period. Wayfinding Financial LLC bought a new stake in Crane NXT during the first quarter worth $44,000. Finally, Lazard Asset Management LLC bought a new stake in Crane NXT during the fourth quarter worth $83,000. 77.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Crane NXT in a report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $73.75.

Crane NXT Stock Performance

Shares of CXT traded down $1.54 during mid-day trading on Friday, hitting $60.39. The stock had a trading volume of 376,945 shares, compared to its average volume of 374,707. The firm has a market cap of $3.47 billion, a P/E ratio of 23.05 and a beta of 1.37. The business has a fifty day moving average price of $59.40 and a 200-day moving average price of $54.40. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.20 and a quick ratio of 0.89. Crane NXT, Co. has a 52 week low of $41.54 and a 52 week high of $67.00.

Crane NXT (NYSE:CXT - Get Free Report) last issued its 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. The firm had revenue of $404.40 million for the quarter, compared to analyst estimates of $382.79 million. Crane NXT had a return on equity of 20.22% and a net margin of 9.84%. On average, equities research analysts expect that Crane NXT, Co. will post 4.16 EPS for the current year.

Crane NXT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th were paid a $0.17 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.68 annualized dividend and a dividend yield of 1.1%. Crane NXT's payout ratio is presently 25.95%.

Crane NXT 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.