Bank of America Corp DE Has $7.01 Million Stake in Crane NXT, Co. (NYSE:CXT)

Bank of America Corp DE cut its position in Crane NXT, Co. (NYSE:CXT - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,425 shares of the company's stock after selling 23,300 shares during the period. Bank of America Corp DE owned 0.21% of Crane NXT worth $7,011,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Crane NXT by 45.3% in the third quarter. Barclays PLC now owns 37,663 shares of the company's stock worth $2,113,000 after acquiring an additional 11,734 shares during the last quarter. Norges Bank bought a new position in shares of Crane NXT in the fourth quarter worth about $26,754,000. Sei Investments Co. raised its stake in shares of Crane NXT by 15.0% in the fourth quarter. Sei Investments Co. now owns 143,307 shares of the company's stock worth $8,343,000 after acquiring an additional 18,735 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Crane NXT by 110.6% in the fourth quarter. SG Americas Securities LLC now owns 8,195 shares of the company's stock worth $477,000 after acquiring an additional 4,304 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Crane NXT by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 460,143 shares of the company's stock worth $26,790,000 after acquiring an additional 15,280 shares during the last quarter. 77.49% of the stock is currently owned by institutional investors and hedge funds.

Crane NXT Trading Down 0.9%

NYSE:CXT traded down $0.49 during trading hours on Friday, hitting $53.66. The stock had a trading volume of 456,465 shares, compared to its average volume of 394,539. Crane NXT, Co. has a one year low of $41.54 and a one year high of $67.01. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.88 and a current ratio of 1.14. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 16.82 and a beta of 1.27. The business's 50 day moving average is $49.18 and its 200-day moving average is $55.79.

Crane NXT (NYSE:CXT - Get Free Report) last released its quarterly 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 net margin of 12.38% and a return on equity of 24.08%. The company had revenue of $330.30 million during the quarter, compared to analysts' expectations of $318.46 million. During the same quarter in the prior year, the company earned $0.85 earnings per share. The business's quarterly revenue was up 5.3% compared to the same quarter last year. Sell-side analysts anticipate that Crane NXT, Co. will post 4.16 EPS for the current fiscal year.

Crane NXT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Friday, May 30th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Friday, May 30th. Crane NXT's dividend payout ratio is currently 23.37%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CXT shares. Northland Capmk downgraded shares of Crane NXT from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Northland Securities downgraded shares of Crane NXT from an "outperform" rating to a "market perform" rating and set a $72.00 price target for the company. in a research note on Tuesday, February 18th. UBS Group dropped their price target on shares of Crane NXT from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Finally, DA Davidson dropped their price target on shares of 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 research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $73.75.

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.