M&T Bank Corp Buys 47,028 Shares of Crane NXT, Co. $CXT

Key Points

• M&T Bank Corp increased its stake in Crane NXT (NYSE:CXT) by 409.4% in Q4, buying 47,028 shares to hold 58,514 shares—about 0.10% of the company—worth $2.754 million.
• Crane NXT beat Q4 estimates, reporting $1.27 EPS vs. $1.25 expected and revenue of $476.9 million (up 19.5% year-over-year), with a net margin of 8.76% and ROE of 19.84%.
• Dividend and analyst outlook: the company raised its quarterly dividend to $0.18 ($0.72 annual, ~1.6% yield), and analysts maintain a consensus "Moderate Buy" with an average price target of $68.60.

M&T Bank Corp raised its stake in Crane NXT, Co. (NYSE:CXT - Free Report) by 409.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,514 shares of the company's stock after purchasing an additional 47,028 shares during the period. M&T Bank Corp owned approximately 0.10% of Crane NXT worth $2,754,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CXT. Smartleaf Asset Management LLC lifted its holdings in shares of Crane NXT by 141.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 389 shares of the company's stock worth $25,000 after acquiring an additional 228 shares during the period. Quent Capital LLC bought a new position in shares of Crane NXT during the 3rd quarter worth about $28,000. Measured Wealth Private Client Group LLC bought a new position in shares of Crane NXT during the 3rd quarter worth about $31,000. Aster Capital Management DIFC Ltd bought a new position in shares of Crane NXT during the 3rd quarter worth about $33,000. Finally, EverSource Wealth Advisors LLC boosted its position in Crane NXT by 4,080.0% in the second quarter. EverSource Wealth Advisors LLC now owns 627 shares of the company's stock valued at $34,000 after buying an additional 612 shares in the last quarter. 77.49% of the stock is owned by institutional investors.

Crane NXT Stock Down 1.3%

Shares of NYSE CXT opened at $44.34 on Tuesday. The stock has a market cap of $2.55 billion, a P/E ratio of 17.66 and a beta of 1.21. The firm has a 50 day moving average price of $45.08 and a 200 day moving average price of $51.84. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.20 and a current ratio of 1.50. Crane NXT, Co. has a 52-week low of $39.23 and a 52-week high of $69.00.

Crane NXT (NYSE:CXT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.02. The firm had revenue of $476.90 million during the quarter, compared to analysts' expectations of $450.53 million. Crane NXT had a net margin of 8.76% and a return on equity of 19.84%. The business's revenue for the quarter was up 19.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. Analysts expect that Crane NXT, Co. will post 4.08 EPS for the current year.

Crane NXT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 11th. Investors of record on Saturday, February 28th were issued a dividend of $0.18 per share. This is an increase from Crane NXT's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, February 27th. Crane NXT's dividend payout ratio is presently 28.69%.

Analyst Ratings Changes

Several analysts have recently weighed in on CXT shares. DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Crane NXT in a report on Tuesday, February 17th. Northland Securities set a $62.00 price objective on shares of Crane NXT in a research report on Wednesday, February 18th. Weiss Ratings restated a "hold (c+)" rating on shares of Crane NXT in a research report on Wednesday, January 21st. Oppenheimer lowered their price objective on shares of Crane NXT from $80.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, April 15th. Finally, Zacks Research cut shares of Crane NXT from a "hold" rating to a "strong sell" rating in a research report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $68.60.

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. The Crane Currency segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products.

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