State of Alaska Department of Revenue Sells 77,371 Shares of Crane NXT, Co. $CXT

Key Points

• State of Alaska sold 77,371 shares of Crane NXT in Q4, trimming its stake by 94% to 4,942 shares valued at $232,000.
• Other institutions moved in the opposite direction—AllianceBernstein now owns 1,770,807 shares ($95.4M) and Victory Capital holds 1,635,770 shares—leaving institutional ownership at 77.49%.
• Crane NXT beat Q4 EPS and revenue estimates with 19.5% YoY revenue growth, raised its quarterly dividend to $0.18 (1.6% yield), and trades near $44.99 versus a consensus price target of $68.60 (Moderate Buy).

State of Alaska Department of Revenue reduced its holdings in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 94.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,942 shares of the company's stock after selling 77,371 shares during the quarter. State of Alaska Department of Revenue's holdings in Crane NXT were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CXT. Alliancebernstein L.P. lifted its holdings in shares of Crane NXT by 2,449.9% during the second quarter. Alliancebernstein L.P. now owns 1,770,807 shares of the company's stock valued at $95,446,000 after purchasing an additional 1,701,361 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Crane NXT during the third quarter valued at $35,309,000. Victory Capital Management Inc. lifted its holdings in shares of Crane NXT by 19.0% during the third quarter. Victory Capital Management Inc. now owns 1,635,770 shares of the company's stock valued at $109,711,000 after purchasing an additional 260,986 shares in the last quarter. Channing Capital Management LLC bought a new position in shares of Crane NXT during the third quarter valued at $14,384,000. Finally, Thornburg Investment Management Inc. bought a new position in shares of Crane NXT during the third quarter valued at $9,923,000. 77.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CXT has been the topic of a number of research analyst reports. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Crane NXT in a report on Tuesday, February 17th. Zacks Research downgraded Crane NXT from a "hold" rating to a "strong sell" rating in a report on Friday, April 17th. Robert W. Baird set a $73.00 price target on Crane NXT in a report on Friday, February 13th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Crane NXT in a report on Wednesday, January 21st. Finally, Northland Securities set a $62.00 price target on Crane NXT in a report on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $68.60.

Crane NXT Stock Down 0.8%

Shares of CXT opened at $44.99 on Friday. The business's 50 day moving average is $45.25 and its 200 day moving average is $52.13. The company has a market capitalization of $2.59 billion, a PE ratio of 17.92 and a beta of 1.21. Crane NXT, Co. has a 12-month low of $39.23 and a 12-month high of $69.00. The company has a current ratio of 1.50, a quick ratio of 1.20 and a debt-to-equity ratio of 0.80.

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

Crane NXT Increases Dividend

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

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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