Allspring Global Investments Holdings LLC Trims Stock Position in Crane $CR

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Crane ($CR) by 76.5%, selling 48,992 shares in the second quarter, leaving it with 15,084 shares valued at approximately $2.86 million.
• Crane recently reported quarterly earnings of $1.49 per share, exceeding analysts' expectations, and recorded year-over-year revenue growth of 9.2%.
• Several analysts have set new price targets for Crane, with Bank of America raising their target to $225.00, and a consensus rating of "Moderate Buy" with an average price target of $222.20.

Allspring Global Investments Holdings LLC cut its stake in shares of Crane (NYSE:CR - Free Report) by 76.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,084 shares of the conglomerate's stock after selling 48,992 shares during the period. Allspring Global Investments Holdings LLC's holdings in Crane were worth $2,861,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CWM LLC raised its stake in Crane by 183.7% during the 2nd quarter. CWM LLC now owns 2,610 shares of the conglomerate's stock valued at $496,000 after acquiring an additional 1,690 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Crane by 14.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,794 shares of the conglomerate's stock worth $1,290,000 after buying an additional 862 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Crane by 0.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 13,700 shares of the conglomerate's stock worth $2,601,000 after buying an additional 100 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Crane by 15.3% during the second quarter. QRG Capital Management Inc. now owns 1,918 shares of the conglomerate's stock worth $364,000 after acquiring an additional 254 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its position in Crane by 9.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 155,237 shares of the conglomerate's stock worth $29,478,000 after acquiring an additional 13,979 shares in the last quarter. 75.14% of the stock is owned by hedge funds and other institutional investors.

Crane Price Performance

CR stock opened at $189.17 on Wednesday. Crane has a 52-week low of $127.04 and a 52-week high of $203.89. The stock's fifty day simple moving average is $184.66 and its 200-day simple moving average is $177.97. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $10.89 billion, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22.

Crane (NYSE:CR - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The conglomerate reported $1.49 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $567.70 million. During the same quarter last year, the firm earned $1.20 earnings per share. The business's revenue was up 9.2% on a year-over-year basis. Crane has set its FY 2025 guidance at 5.500-5.800 EPS. Equities research analysts expect that Crane will post 7.87 EPS for the current year.

Crane Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 29th were issued a $0.23 dividend. The ex-dividend date was Friday, August 29th. This represents a $0.92 dividend on an annualized basis and a yield of 0.5%. Crane's dividend payout ratio (DPR) is presently 15.31%.

Insiders Place Their Bets

In related news, VP Alejandro Alcala sold 20,791 shares of Crane stock in a transaction on Monday, August 25th. The stock was sold at an average price of $192.74, for a total value of $4,007,257.34. Following the transaction, the vice president owned 33,526 shares in the company, valued at approximately $6,461,801.24. This trade represents a 38.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.12% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. DA Davidson increased their price objective on Crane from $200.00 to $230.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Crane in a research note on Wednesday, October 8th. Bank of America raised their price objective on Crane from $220.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Stifel Nicolaus raised their price objective on Crane from $189.00 to $200.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, UBS Group reaffirmed a "buy" rating and issued a $230.00 price objective (up from $215.00) on shares of Crane in a research note on Wednesday, July 30th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $222.20.

Crane 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.

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