Gabelli Funds LLC Sells 29,000 Shares of Crane NXT, Co. (NYSE:CXT)

Gabelli Funds LLC lessened its stake in shares of Crane NXT, Co. (NYSE:CXT - Free Report) by 16.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 143,050 shares of the company's stock after selling 29,000 shares during the quarter. Gabelli Funds LLC owned about 0.25% of Crane NXT worth $8,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CXT. Wilmington Savings Fund Society FSB acquired a new stake in Crane NXT during the third quarter worth approximately $32,000. Fifth Third Bancorp increased its stake in shares of Crane NXT by 98.6% during the fourth quarter. Fifth Third Bancorp now owns 556 shares of the company's stock worth $32,000 after purchasing an additional 276 shares during the period. Covestor Ltd lifted its holdings in Crane NXT by 38.6% during the 4th quarter. Covestor Ltd now owns 739 shares of the company's stock worth $43,000 after purchasing an additional 206 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Crane NXT by 985.4% during the 4th quarter. Venturi Wealth Management LLC now owns 1,639 shares of the company's stock worth $95,000 after purchasing an additional 1,488 shares during the last quarter. Finally, Cascade Financial Partners LLC bought a new stake in Crane NXT in the 4th quarter valued at $202,000. Institutional investors own 77.49% of the company's stock.

Crane NXT Price Performance

Shares of CXT traded up $0.82 during trading hours on Tuesday, hitting $44.12. 55,410 shares of the company were exchanged, compared to its average volume of 447,855. The company has a quick ratio of 0.88, a current ratio of 1.14 and a debt-to-equity ratio of 0.51. Crane NXT, Co. has a fifty-two week low of $41.54 and a fifty-two week high of $67.00. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 13.82 and a beta of 1.21. The firm's fifty day moving average is $51.93 and its 200 day moving average is $56.71.

Crane NXT (NYSE:CXT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.19 by $0.01. Crane NXT had a net margin of 12.38% and a return on equity of 24.08%. On average, equities analysts anticipate that Crane NXT, Co. will post 4.16 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 12th. Shareholders of record on Friday, February 28th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, February 28th. This is a boost from Crane NXT's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.54%. Crane NXT's dividend payout ratio is presently 21.32%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CXT shares. Northland Securities downgraded Crane NXT from an "outperform" rating to a "market perform" rating and set a $72.00 target price for the company. in a report on Tuesday, February 18th. Northland Capmk cut shares of Crane NXT from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.33.

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.