Connor Clark & Lunn Investment Management Ltd. Acquires 63,936 Shares of Crane NXT, Co. (NYSE:CXT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. raised its stake in Crane NXT by 58.0%, acquiring an additional 63,936 shares, resulting in a total of 174,113 shares valued at approximately $8.95 million.
• Crane NXT announced a quarterly dividend of $0.17, translating to an annualized yield of 1.1%, with a payout ratio of 25.95%.
• Equities analysts have a Moderate Buy rating on Crane NXT, with an average target price set at $73.75.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 58.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 174,113 shares of the company's stock after acquiring an additional 63,936 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.30% of Crane NXT worth $8,949,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG boosted its stake in Crane NXT by 3.0% in the 4th quarter. Deutsche Bank AG now owns 5,831 shares of the company's stock worth $339,000 after buying an additional 168 shares during the last quarter. Covestor Ltd boosted its stake in Crane NXT by 38.6% in the 4th quarter. Covestor Ltd now owns 739 shares of the company's stock worth $43,000 after buying an additional 206 shares during the last quarter. FourThought Financial Partners LLC boosted its stake in Crane NXT by 4.6% in the 1st quarter. FourThought Financial Partners LLC now owns 4,909 shares of the company's stock worth $252,000 after buying an additional 216 shares during the last quarter. Fifth Third Bancorp boosted its stake in Crane NXT by 46.0% in the 1st quarter. Fifth Third Bancorp now owns 812 shares of the company's stock worth $42,000 after buying an additional 256 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in Crane NXT by 87.2% in the 1st quarter. UMB Bank n.a. now owns 702 shares of the company's stock worth $36,000 after buying an additional 327 shares during the last quarter. Institutional investors and hedge funds own 77.49% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CXT. 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 report on Tuesday, May 13th. DA Davidson dropped their price objective on Crane NXT from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Crane NXT has an average rating of "Moderate Buy" and an average price target of $73.75.

Crane NXT Price Performance

CXT traded down $0.95 during midday trading on Friday, reaching $59.42. 146,610 shares of the company's stock were exchanged, compared to its average volume of 423,831. The company has a quick ratio of 0.89, a current ratio of 1.20 and a debt-to-equity ratio of 0.73. The business has a 50-day simple moving average of $57.04 and a two-hundred day simple moving average of $54.42. Crane NXT, Co. has a one year low of $41.54 and a one year high of $67.00. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 22.68 and a beta of 1.33.

Crane NXT (NYSE:CXT - Get Free Report) last posted its quarterly 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. Crane NXT had a return on equity of 20.22% and a net margin of 9.84%. The business had revenue of $404.40 million for the quarter, compared to analysts' expectations of $382.79 million. As a group, research analysts predict that Crane NXT, Co. will post 4.16 EPS for the current year.

Crane NXT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.68 annualized dividend and a dividend yield of 1.1%. Crane NXT's payout ratio is 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.