Cornercap Investment Counsel Inc. Makes New $991,000 Investment in Crane NXT, Co. (NYSE:CXT)

Cornercap Investment Counsel Inc. acquired a new stake in Crane NXT, Co. (NYSE:CXT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 17,432 shares of the company's stock, valued at approximately $991,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC purchased a new position in shares of Crane NXT in the 3rd quarter valued at $402,528,000. Vanguard Group Inc. purchased a new position in Crane NXT during the 3rd quarter worth $306,517,000. Victory Capital Management Inc. purchased a new position in Crane NXT during the 3rd quarter worth $65,919,000. Lord Abbett & CO. LLC purchased a new position in Crane NXT during the 3rd quarter worth $39,749,000. Finally, Pacer Advisors Inc. grew its position in Crane NXT by 8,855.4% during the 4th quarter. Pacer Advisors Inc. now owns 705,688 shares of the company's stock worth $40,132,000 after purchasing an additional 697,808 shares during the last quarter. 77.49% of the stock is currently owned by institutional investors and hedge funds.

Crane NXT Stock Performance

Shares of NYSE:CXT traded up $0.35 during midday trading on Tuesday, hitting $61.38. The stock had a trading volume of 210,202 shares, compared to its average volume of 350,373. The company has a market capitalization of $3.51 billion, a PE ratio of 18.77 and a beta of 1.37. The stock has a 50 day moving average price of $59.98 and a two-hundred day moving average price of $56.26. The company has a current ratio of 1.93, a quick ratio of 1.46 and a debt-to-equity ratio of 0.66. Crane NXT, Co. has a 1 year low of $45.63 and a 1 year high of $63.36.

Crane NXT (NYSE:CXT - Get Free Report) last issued its earnings results on Thursday, February 15th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.07. The business had revenue of $356.90 million for the quarter, compared to the consensus estimate of $340.89 million. Crane NXT had a net margin of 13.53% and a return on equity of 20.33%. The business's quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.13 earnings per share. As a group, equities analysts predict that Crane NXT, Co. will post 4.26 earnings per share for the current fiscal year.

Crane NXT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Thursday, February 29th were issued a $0.16 dividend. This is an increase from Crane NXT's previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.04%. Crane NXT's payout ratio is presently 19.57%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CXT. Northland Securities began coverage on shares of Crane NXT in a research report on Monday, April 8th. They set an "outperform" rating and a $91.00 price objective on the stock. DA Davidson raised their price objective on shares of Crane NXT from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Monday, March 18th.

Crane NXT Company 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.