Crane NXT, Co. $CXT Stake Trimmed by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Crane NXT by 4.1%, selling 5,800 shares, valued at approximately $7.05 million.
• Several institutional investors have increased their stakes in Crane NXT, with UMB Bank n.a. raising its position by 87.2% in the first quarter.
• Crane NXT recently reported earnings exceeding analyst expectations, with earnings per share of $0.97 and revenue of $404.40 million for the last quarter.

Gabelli Funds LLC lowered its position in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 137,250 shares of the company's stock after selling 5,800 shares during the quarter. Gabelli Funds LLC owned 0.24% of Crane NXT worth $7,055,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Park Square Financial Group LLC acquired a new stake in Crane NXT in the 4th quarter valued at about $26,000. UMB Bank n.a. grew 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 valued at $36,000 after acquiring an additional 327 shares during the last quarter. Quarry LP acquired a new stake in Crane NXT in the 4th quarter valued at about $42,000. Fifth Third Bancorp grew its stake in Crane NXT by 46.0% in the 1st quarter. Fifth Third Bancorp now owns 812 shares of the company's stock valued at $42,000 after acquiring an additional 256 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new stake in Crane NXT in the 1st quarter valued at about $44,000. 77.49% of the stock is owned by institutional investors and hedge funds.

Crane NXT Stock Up 1.8%

Shares of NYSE:CXT traded up $1.05 during midday trading on Wednesday, reaching $60.33. The company had a trading volume of 108,218 shares, compared to its average volume of 422,756. The stock has a market capitalization of $3.46 billion, a P/E ratio of 23.03 and a beta of 1.37. The stock's fifty day moving average price is $58.48 and its 200-day moving average price is $54.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.20 and a quick ratio of 0.89. Crane NXT, Co. has a one year low of $41.54 and a one year high of $67.00.

Crane NXT (NYSE:CXT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.92 by $0.05. The business had revenue of $404.40 million for the quarter, compared to analysts' expectations of $382.79 million. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. Equities research analysts expect that Crane NXT, Co. will post 4.16 earnings per share for the current fiscal year.

Crane NXT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th will be issued 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%.

Analyst Ratings Changes

CXT has been the topic of several analyst reports. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Crane NXT in a research note on Monday, August 18th. UBS Group cut their price target on shares of Crane NXT from $62.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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.