Millennium Management LLC Acquires 32,393 Shares of Crane $CR

Key Points

• Millennium Management LLC increased its stake in Crane by 31.3% in the first quarter, owning approximately 0.24% of the company worth around $20.8 million.
• Crane reported $1.49 earnings per share for the quarter, exceeding expectations, with a revenue of $577.2 million reflecting a 9.2% year-over-year increase.
• Multiple analysts have increased their price targets on Crane, with price estimates ranging from $200 to $230, and the stock receives a consensus rating of "Moderate Buy".

Millennium Management LLC increased its holdings in shares of Crane (NYSE:CR - Free Report) by 31.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 136,009 shares of the conglomerate's stock after purchasing an additional 32,393 shares during the period. Millennium Management LLC owned approximately 0.24% of Crane worth $20,834,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CR. Cetera Investment Advisers boosted its position in Crane by 0.9% in the 4th quarter. Cetera Investment Advisers now owns 8,196 shares of the conglomerate's stock valued at $1,244,000 after buying an additional 74 shares during the last quarter. EP Wealth Advisors LLC raised its stake in Crane by 3.1% during the 1st quarter. EP Wealth Advisors LLC now owns 2,445 shares of the conglomerate's stock worth $375,000 after buying an additional 74 shares during the period. NorthRock Partners LLC raised its stake in Crane by 4.2% during the 4th quarter. NorthRock Partners LLC now owns 1,954 shares of the conglomerate's stock worth $297,000 after buying an additional 79 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in Crane by 4.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,037 shares of the conglomerate's stock worth $309,000 after buying an additional 90 shares during the period. Finally, TD Asset Management Inc raised its stake in shares of Crane by 0.5% in the 1st quarter. TD Asset Management Inc now owns 19,326 shares of the conglomerate's stock valued at $2,960,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 75.14% of the company's stock.

Crane Price Performance

Shares of NYSE CR traded up $3.36 during midday trading on Thursday, reaching $184.02. The company's stock had a trading volume of 208,962 shares, compared to its average volume of 311,892. Crane has a fifty-two week low of $127.04 and a fifty-two week high of $203.89. The company has a market cap of $10.59 billion, a P/E ratio of 24.37, a P/E/G ratio of 1.93 and a beta of 1.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The business's 50 day moving average price is $189.41 and its two-hundred day moving average price is $173.38.

Crane (NYSE:CR - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The conglomerate reported $1.49 EPS for the quarter, beating the consensus estimate of $1.34 by $0.15. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $577.20 million during the quarter, compared to the consensus estimate of $567.70 million. During the same period in the previous year, the business earned $1.20 earnings per share. The company's revenue was up 9.2% on a year-over-year basis. Crane has set its FY 2025 guidance at 5.500-5.800 EPS. On average, analysts forecast that Crane will post 7.87 EPS for the current fiscal year.

Crane Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, August 29th. Crane's dividend payout ratio is 15.31%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. DA Davidson raised their price objective on Crane from $200.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. UBS Group restated a "buy" rating and issued a $230.00 price objective (up previously from $215.00) on shares of Crane in a report on Wednesday, July 30th. Stifel Nicolaus lifted their price target on Crane from $189.00 to $200.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Bank of America lifted their price target on Crane from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Crane from $187.00 to $226.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $222.20.

Insider Buying and Selling at Crane

In related news, VP Alejandro Alcala sold 20,791 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $192.74, for a total value of $4,007,257.34. Following the sale, the vice president owned 33,526 shares in the company, valued at $6,461,801.24. This represents a 38.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.12% of the stock is owned by corporate insiders.

Crane Company Profile

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.