Bank of Nova Scotia Purchases 5,400 Shares of Crane $CR

Key Points

• Bank of Nova Scotia increased its Crane stake by 18.3% in the first quarter, buying 5,400 additional shares to own 34,900 shares valued at approximately $5.97 million. Institutional investors collectively hold 75.14% of Crane.
• Crane reported strong quarterly results, with EPS of $1.65 versus the $1.44 consensus and revenue of $696.4 million, up 24.9% year over year. Analysts expect full-year EPS of $7.87.
• Crane shares opened at $226.62, near their 52-week high of $230.50. The stock carries a consensus “Buy” rating and an average analyst price target of $234, with recent targets ranging as high as $253.

Bank of Nova Scotia boosted its position in Crane (NYSE:CR - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,900 shares of the conglomerate's stock after purchasing an additional 5,400 shares during the period. Bank of Nova Scotia owned approximately 0.06% of Crane worth $5,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. TD Capital Management LLC bought a new position in shares of Crane in the fourth quarter worth about $27,000. Headlands Technologies LLC purchased a new stake in Crane in the 2nd quarter valued at about $29,000. Flagship Harbor Advisors LLC bought a new position in Crane in the 4th quarter worth about $33,000. Kelleher Financial Advisors purchased a new position in shares of Crane during the third quarter worth approximately $33,000. Finally, GHP Investment Advisors Inc. bought a new stake in shares of Crane during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 75.14% of the company's stock.

Insider Buying and Selling at Crane

In other Crane news, Director Susan D. Lynch acquired 150 shares of the business's stock in a transaction dated Thursday, April 30th. The stock was acquired at an average cost of $177.38 per share, for a total transaction of $26,607.00. Following the completion of the transaction, the director directly owned 370 shares of the company's stock, valued at $65,630.60. This represents a 68.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.12% of the stock is currently owned by corporate insiders.

Crane Stock Performance

Shares of CR stock opened at $226.62 on Tuesday. The business has a fifty day moving average of $205.58 and a 200 day moving average of $194.44. Crane has a 1 year low of $159.58 and a 1 year high of $230.50. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The firm has a market capitalization of $13.09 billion, a price-to-earnings ratio of 30.02, a price-to-earnings-growth ratio of 1.93 and a beta of 1.01.

Crane (NYSE:CR - Get Free Report) last issued its earnings results on Monday, April 27th. The conglomerate reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.21. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $696.40 million during the quarter, compared to analysts' expectations of $672.74 million. During the same quarter last year, the company posted $1.39 earnings per share. The firm's revenue was up 24.9% compared to the same quarter last year. As a group, research analysts expect that Crane will post 7.87 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. DA Davidson restated a "buy" rating and set a $235.00 price target on shares of Crane in a research note on Monday, June 1st. Stifel Nicolaus increased their target price on shares of Crane from $215.00 to $242.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Wall Street Zen lowered shares of Crane from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. BMO Capital Markets began coverage on shares of Crane in a research report on Monday, July 20th. They issued an "outperform" rating and a $253.00 price target for the company. Finally, Weiss Ratings lowered shares of Crane from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, May 4th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $234.00.

Crane Profile

Crane Co, headquartered in Stamford, Connecticut, is a diversified manufacturer of engineered industrial products serving customers around the world. The company operates through two primary segments: Aerospace & Electronics and Engineered Materials. Its Aerospace & Electronics division designs and produces valves, fittings, manifolds, and filtration systems for aircraft fuel, hydraulics, and environmental control systems. The Engineered Materials segment focuses on advanced polymers, heat exchangers, and specialized composite solutions for industries including chemical processing, semiconductor manufacturing, and power generation.

With roots dating back to its founding in 1855 in Chicago by R.T.

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