Royal Bank of Canada Has $10.40 Million Stake in Crane NXT, Co. $CXT

Key Points

• Royal Bank of Canada has reduced its stake in Crane NXT, Co. by 13.3%, selling 31,149 shares, and now owns 202,256 shares valued at approximately $10.4 million.
• Crane NXT recently reported $0.97 earnings per share for the quarter, exceeding analysts' estimates, and had a revenue of $404.4 million.
• The company announced a quarterly dividend of $0.17 per share, representing an annualized yield of 1.1% with a dividend payout ratio of 25.95%.

Royal Bank of Canada reduced its stake in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 13.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 202,256 shares of the company's stock after selling 31,149 shares during the quarter. Royal Bank of Canada owned 0.35% of Crane NXT worth $10,396,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP raised its position in Crane NXT by 16.2% in the 1st quarter. Wellington Management Group LLP now owns 3,668,953 shares of the company's stock valued at $188,584,000 after purchasing an additional 512,813 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Crane NXT by 13.4% in the first quarter. Victory Capital Management Inc. now owns 1,367,931 shares of the company's stock worth $70,312,000 after acquiring an additional 161,417 shares during the last quarter. Ameriprise Financial Inc. grew its stake 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 valued at $55,750,000 after purchasing an additional 687,738 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Crane NXT by 4.0% in the first quarter. Invesco Ltd. now owns 1,064,749 shares of the company's stock valued at $54,728,000 after purchasing an additional 40,602 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its holdings in Crane NXT by 95.6% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 1,021,474 shares of the company's stock worth $59,470,000 after buying an additional 499,290 shares in the last quarter. Institutional investors and hedge funds own 77.49% of the company's stock.

Crane NXT Trading Down 3.6%

NYSE:CXT traded down $2.13 during trading hours on Wednesday, hitting $56.83. The stock had a trading volume of 440,209 shares, compared to its average volume of 378,217. The business's 50 day moving average is $59.51 and its 200-day moving average is $54.44. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 21.69 and a beta of 1.37. Crane NXT, Co. has a one year low of $41.54 and a one year high of $67.00. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.20.

Crane NXT (NYSE:CXT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.05. The company had revenue of $404.40 million during 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%. Sell-side analysts anticipate that Crane NXT, Co. will post 4.16 EPS for the current fiscal year.

Crane NXT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 29th. Crane NXT's dividend payout ratio (DPR) is 25.95%.

Wall Street Analyst Weigh In

Separately, DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Crane NXT in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.75.

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.