Invenomic Capital Management LP Cuts Holdings in Crane NXT, Co. $CXT

Key Points

• Invenomic Capital Management LP has reduced its stake in Crane NXT, Co. by 10.2%, selling 14,261 shares to now own 125,627 shares valued at approximately $6.46 million.
• Crane NXT reported a quarterly earnings per share (EPS) of $0.97, surpassing analysts' estimates of $0.92, with a revenue of $404.40 million against expectations of $382.79 million.
• The company announced a quarterly dividend of $0.17 per share to be paid on September 10th, resulting in an annualized yield of 1.1%.

Invenomic Capital Management LP lowered its stake in Crane NXT, Co. (NYSE:CXT - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,627 shares of the company's stock after selling 14,261 shares during the period. Invenomic Capital Management LP owned 0.22% of Crane NXT worth $6,457,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position 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 buying an additional 512,813 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Crane NXT by 13.4% during the first quarter. Victory Capital Management Inc. now owns 1,367,931 shares of the company's stock worth $70,312,000 after purchasing an additional 161,417 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Crane NXT by 173.3% during the first quarter. Ameriprise Financial Inc. now owns 1,084,625 shares of the company's stock worth $55,750,000 after purchasing an additional 687,738 shares during the period. Invesco Ltd. lifted its holdings in shares of Crane NXT by 4.0% during the first quarter. Invesco Ltd. now owns 1,064,749 shares of the company's stock worth $54,728,000 after purchasing an additional 40,602 shares during the period. Finally, Silvercrest Asset Management Group LLC lifted its holdings in shares of Crane NXT by 95.6% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 1,021,474 shares of the company's stock worth $59,470,000 after purchasing an additional 499,290 shares during the period. Institutional investors and hedge funds own 77.49% of the company's stock.

Crane NXT Stock Down 1.0%

CXT traded down $0.61 during midday trading on Friday, hitting $61.11. The company had a trading volume of 474,229 shares, compared to its average volume of 390,397. Crane NXT, Co. has a 52 week low of $41.54 and a 52 week high of $67.00. 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 company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 23.32 and a beta of 1.37. The stock's 50 day moving average price is $58.87 and its 200 day moving average price is $54.23.

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 for the quarter, beating the consensus estimate of $0.92 by $0.05. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. The firm had revenue of $404.40 million during the quarter, compared to the consensus estimate of $382.79 million. On average, research analysts anticipate that Crane NXT, Co. will post 4.16 earnings per share for the current fiscal year.

Crane NXT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 presently 25.95%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CXT shares. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Crane NXT in a report 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 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 company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $73.75.

Crane NXT Company 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.