Northern Trust Corp Reduces Position in Crane NXT, Co. $CXT

Key Points

• Northern Trust Corp has reduced its stake in Crane NXT, Co. by 4.2%, selling 18,767 shares, and now owns 432,229 shares valued at approximately $22.2 million.
• Several institutional investors have increased their holdings in Crane NXT, with significant increases from Victory Capital Management (up 13.4%) and Silvercrest Asset Management (up 95.6%).
• Crane NXT recently reported earnings of $0.97 per share for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.17 per share scheduled for September 10th.

Northern Trust Corp trimmed its position in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 432,229 shares of the company's stock after selling 18,767 shares during the period. Northern Trust Corp owned approximately 0.75% of Crane NXT worth $22,217,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new stake in Crane NXT in the fourth quarter worth approximately $26,000. UMB Bank n.a. raised its holdings in shares of Crane NXT by 87.2% in the first quarter. UMB Bank n.a. now owns 702 shares of the company's stock valued at $36,000 after acquiring an additional 327 shares in the last quarter. Quarry LP acquired a new position in Crane NXT during the 4th quarter valued at about $42,000. Fifth Third Bancorp lifted its position in Crane NXT by 46.0% during the 1st quarter. Fifth Third Bancorp now owns 812 shares of the company's stock worth $42,000 after acquiring an additional 256 shares during the period. Finally, Wayfinding Financial LLC acquired a new stake in Crane NXT during the 1st quarter worth about $44,000. Institutional investors and hedge funds own 77.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CXT shares. UBS Group cut their price target on shares of Crane NXT from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Crane NXT in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $73.75.

Crane NXT Price Performance

Shares of NYSE:CXT traded down $0.27 on Friday, hitting $61.45. The stock had a trading volume of 85,782 shares, compared to its average volume of 422,621. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.20. The firm's 50 day moving average price is $58.72 and its 200-day moving average price is $54.29. Crane NXT, Co. has a twelve month low of $41.54 and a twelve month high of $67.00. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 23.45 and a beta of 1.37.

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

Crane NXT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 29th. Crane NXT's dividend payout ratio (DPR) is 25.95%.

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.