Crane NXT, Co. $CXT Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. reduced its ownership of Crane NXT by 19.9% in Q1 2023, holding 109,994 shares valued at approximately $5.65 million after selling 27,372 shares.
• Analysts have a consensus rating of "Moderate Buy" for Crane NXT, with a target price of $73.75, although ratings vary among multiple firms.
• The company announced a quarterly dividend of $0.17, resulting in an annual yield of 1.1%, with a payout ratio of 25.95%.

1832 Asset Management L.P. lowered its holdings in Crane NXT, Co. (NYSE:CXT - Free Report) by 19.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 109,994 shares of the company's stock after selling 27,372 shares during the quarter. 1832 Asset Management L.P. owned about 0.19% of Crane NXT worth $5,654,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Crane NXT by 16.2% in the first quarter. Wellington Management Group LLP now owns 3,668,953 shares of the company's stock valued at $188,584,000 after purchasing an additional 512,813 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Crane NXT by 13.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,367,931 shares of the company's stock valued at $70,312,000 after buying an additional 161,417 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Crane NXT by 12.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,229,469 shares of the company's stock worth $71,579,000 after acquiring an additional 136,810 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Crane NXT by 173.3% in the first quarter. Ameriprise Financial Inc. now owns 1,084,625 shares of the company's stock valued at $55,750,000 after acquiring an additional 687,738 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Crane NXT by 4.0% in the first quarter. Invesco Ltd. now owns 1,064,749 shares of the company's stock valued at $54,728,000 after acquiring an additional 40,602 shares during the last quarter. Hedge funds and other institutional investors own 77.49% of the company's stock.

Crane NXT Stock Performance

Crane NXT stock traded down $0.60 during mid-day trading on Friday, reaching $59.69. 392,319 shares of the company were exchanged, compared to its average volume of 443,507. The firm's 50-day simple moving average is $58.27 and its two-hundred day simple moving average is $54.25. Crane NXT, Co. has a twelve month low of $41.54 and a twelve month high of $67.00. The firm has a market cap of $3.43 billion, a PE ratio of 22.78 and a beta of 1.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.20.

Crane NXT (NYSE:CXT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share for the quarter, topping 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 firm had revenue of $404.40 million during the quarter, compared to the consensus estimate of $382.79 million. Equities analysts predict that Crane NXT, Co. will post 4.16 earnings per share for the current fiscal year.

Crane NXT Announces Dividend

The firm also recently announced 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 is Friday, August 29th. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. Crane NXT's payout ratio is presently 25.95%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Crane NXT in a research report on Monday, August 18th. UBS Group reduced 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 report on Tuesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Crane NXT 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.