Invenomic Capital Management LP Makes New $8.14 Million Investment in Crane NXT, Co. (NYSE:CXT)

Invenomic Capital Management LP bought a new stake in Crane NXT, Co. (NYSE:CXT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 139,888 shares of the company's stock, valued at approximately $8,144,000. Invenomic Capital Management LP owned about 0.24% of Crane NXT at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CXT. Capital International Investors boosted its stake in Crane NXT by 79.3% in the 4th quarter. Capital International Investors now owns 1,351,044 shares of the company's stock valued at $78,658,000 after purchasing an additional 597,537 shares during the period. Conestoga Capital Advisors LLC bought a new stake in shares of Crane NXT in the fourth quarter valued at about $31,517,000. Norges Bank acquired a new position in shares of Crane NXT in the fourth quarter valued at about $26,754,000. FMR LLC increased its position in Crane NXT by 4.1% during the fourth quarter. FMR LLC now owns 8,576,731 shares of the company's stock worth $499,337,000 after acquiring an additional 336,765 shares during the period. Finally, Capital World Investors acquired a new stake in Crane NXT in the 4th quarter worth about $10,719,000. Institutional investors and hedge funds own 77.49% of the company's stock.

Crane NXT Price Performance

CXT stock opened at $52.92 on Friday. The company's 50-day moving average price is $49.15 and its two-hundred day moving average price is $55.94. Crane NXT, Co. has a 12 month low of $41.54 and a 12 month high of $67.01. The company has a quick ratio of 0.88, a current ratio of 1.14 and a debt-to-equity ratio of 0.51. The firm has a market cap of $3.04 billion, a P/E ratio of 16.59 and a beta of 1.27.

Crane NXT (NYSE:CXT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Crane NXT had a net margin of 12.38% and a return on equity of 24.08%. The business had revenue of $330.30 million for the quarter, compared to analysts' expectations of $318.46 million. During the same period last year, the firm posted $0.85 earnings per share. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts anticipate that Crane NXT, Co. will post 4.16 earnings per share for the current fiscal year.

Crane NXT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Investors of record on Friday, May 30th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Friday, May 30th. Crane NXT's dividend payout ratio (DPR) is presently 23.37%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. DA Davidson decreased their target price on shares of Crane NXT from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday. Northland Capmk downgraded Crane NXT from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Finally, Northland Securities lowered Crane NXT from an "outperform" rating to a "market perform" rating and set a $72.00 price objective on the stock. in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $78.33.

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.

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