Allianz Asset Management GmbH Sells 21,332 Shares of Crane NXT, Co. (NYSE:CXT)

Key Points

• Allianz Asset Management GmbH reduced its stake in Crane NXT by 42.6% in the first quarter, holding approximately 28,774 shares valued at $1.47 million.
• Several hedge funds have modified their positions in Crane NXT, resulting in institutional investors owning 77.49% of the company's stock.
• Analysts have issued varying ratings for Crane NXT, with an average price target of $73.75 and a consensus rating of "Moderate Buy."

Allianz Asset Management GmbH reduced its position in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 42.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,774 shares of the company's stock after selling 21,332 shares during the period. Allianz Asset Management GmbH owned about 0.05% of Crane NXT worth $1,473,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CXT. Fifth Third Bancorp increased its position in Crane NXT by 46.0% in the first quarter. Fifth Third Bancorp now owns 812 shares of the company's stock worth $42,000 after buying an additional 256 shares during the period. Norges Bank acquired a new stake in Crane NXT in the fourth quarter worth $26,754,000. GAMMA Investing LLC increased its position in Crane NXT by 5,320.8% in the first quarter. GAMMA Investing LLC now owns 133,948 shares of the company's stock worth $6,885,000 after buying an additional 131,477 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Crane NXT by 46.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,543 shares of the company's stock worth $381,000 after buying an additional 2,074 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Crane NXT by 185.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 180,409 shares of the company's stock worth $10,503,000 after buying an additional 117,207 shares during the period. 77.49% of the stock is owned by institutional investors and hedge funds.

Crane NXT Price Performance

CXT stock traded down $2.23 during trading hours on Friday, hitting $57.11. 391,868 shares of the stock traded hands, compared to its average volume of 280,752. The stock has a 50-day simple moving average of $56.06 and a 200 day simple moving average of $54.76. Crane NXT, Co. has a one year low of $41.54 and a one year high of $67.00. The company has a market cap of $3.28 billion, a P/E ratio of 14.42 and a beta of 1.33. The company has a current ratio of 1.20, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

Crane NXT (NYSE:CXT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Crane NXT had a return on equity of 21.58% and a net margin of 11.17%. The business had revenue of $330.30 million during the quarter, compared to analysts' expectations of $318.46 million. During the same quarter last year, the business posted $0.85 earnings per share. The company's quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts forecast that Crane NXT, Co. will post 4.16 earnings per share for the current year.

Crane NXT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Friday, May 30th were given a $0.17 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. Crane NXT's dividend payout ratio (DPR) is 23.37%.

Wall Street Analyst Weigh In

CXT has been the topic of several analyst reports. UBS Group dropped their target price on Crane NXT from $62.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. DA Davidson decreased their price target on Crane NXT from $100.00 to $85.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $73.75.

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.