Russell Investments Group Ltd. Increases Stake in Crane NXT, Co. $CXT

Key Points

• Russell Investments Group Ltd. increased its stake in Crane NXT, Co. by 10.9% in Q1, owning a total of 187,847 shares worth approximately $9.6 million.
• Several institutional investors, including Victory Capital Management and Silvercrest Asset Management, also boosted their positions in Crane NXT, reflecting growing interest in the company.
• Crane NXT recently announced a dividend of $0.17 per share, contributing to a 1.1% yield, with a payout ratio of 25.95%.

Russell Investments Group Ltd. increased its holdings in Crane NXT, Co. (NYSE:CXT - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 187,847 shares of the company's stock after buying an additional 18,530 shares during the quarter. Russell Investments Group Ltd. owned about 0.33% of Crane NXT worth $9,655,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Invesco Ltd. increased its holdings in Crane NXT by 4.0% in the 1st quarter. Invesco Ltd. now owns 1,064,749 shares of the company's stock worth $54,728,000 after buying an additional 40,602 shares during the period. Benjamin Edwards Inc. grew its stake in shares of Crane NXT by 9.6% during the 1st quarter. Benjamin Edwards Inc. now owns 14,197 shares of the company's stock worth $730,000 after purchasing an additional 1,238 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Crane NXT by 58.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 174,113 shares of the company's stock worth $8,949,000 after purchasing an additional 63,936 shares during the period. Townsquare Capital LLC grew its stake in shares of Crane NXT by 11.1% during the 1st quarter. Townsquare Capital LLC now owns 41,906 shares of the company's stock worth $2,154,000 after purchasing an additional 4,183 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Crane NXT by 4.2% during the 1st quarter. Deutsche Bank AG now owns 6,077 shares of the company's stock worth $312,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds own 77.49% of the company's stock.

Crane NXT Price Performance

Crane NXT stock traded up $3.1270 during trading on Friday, reaching $63.2770. The company had a trading volume of 375,062 shares, compared to its average volume of 417,936. The firm's 50-day simple moving average is $57.69 and its 200 day simple moving average is $54.15. Crane NXT, Co. has a 1-year low of $41.54 and a 1-year high of $67.00. The firm has a market capitalization of $3.63 billion, a PE ratio of 24.15 and a beta of 1.33. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.05. The firm had revenue of $404.40 million for the quarter, compared to analysts' expectations of $382.79 million. Crane NXT had a net margin of 9.84% and a return on equity of 20.22%. As a group, equities research analysts anticipate that Crane NXT, Co. will post 4.16 earnings per share for the current fiscal year.

Crane NXT Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CXT. UBS Group dropped their price objective on shares of Crane NXT from $62.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Crane NXT in a research note on Monday, August 18th. One investment 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 stock. According to MarketBeat.com, Crane NXT has a consensus rating of "Moderate Buy" and a consensus price target of $73.75.

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.