Price T Rowe Associates Inc. MD cut its position in shares of Crane (NYSE:CR - Free Report) by 15.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 291,691 shares of the conglomerate's stock after selling 51,972 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.51% of Crane worth $44,265,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Crane in the 4th quarter worth about $144,961,000. Alliancebernstein L.P. increased its position in Crane by 619.4% in the 4th quarter. Alliancebernstein L.P. now owns 499,656 shares of the conglomerate's stock valued at $75,823,000 after acquiring an additional 430,201 shares during the period. Capital World Investors raised its stake in Crane by 16.9% during the 4th quarter. Capital World Investors now owns 2,455,854 shares of the conglomerate's stock valued at $372,676,000 after acquiring an additional 355,765 shares in the last quarter. Wealthfront Advisers LLC acquired a new position in Crane during the 4th quarter worth $45,127,000. Finally, Invesco Ltd. grew its stake in shares of Crane by 10.7% in the fourth quarter. Invesco Ltd. now owns 1,425,015 shares of the conglomerate's stock worth $216,246,000 after purchasing an additional 138,279 shares in the last quarter. Institutional investors and hedge funds own 75.14% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on CR. DA Davidson reiterated a "buy" rating and issued a $200.00 target price on shares of Crane in a research report on Tuesday, March 11th. Stifel Nicolaus boosted their target price on Crane from $144.00 to $150.00 and gave the stock a "hold" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft set a $186.00 price target on Crane and gave the company a "buy" rating in a research report on Monday, April 14th. StockNews.com lowered Crane from a "buy" rating to a "hold" rating in a report on Tuesday, March 4th. Finally, UBS Group upgraded shares of Crane from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $157.00 to $190.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Crane currently has an average rating of "Moderate Buy" and a consensus target price of $178.20.
View Our Latest Stock Analysis on CR
Insider Activity
In other Crane news, VP Alejandro Alcala sold 2,293 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $170.96, for a total value of $392,011.28. Following the transaction, the vice president now owns 32,963 shares in the company, valued at approximately $5,635,354.48. This represents a 6.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.12% of the stock is owned by corporate insiders.
Crane Trading Up 2.7 %
Shares of NYSE CR traded up $4.44 during mid-day trading on Friday, hitting $167.48. 340,632 shares of the company traded hands, compared to its average volume of 267,203. Crane has a 1 year low of $127.04 and a 1 year high of $188.52. The business has a 50 day moving average of $150.45 and a two-hundred day moving average of $160.15. The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of 22.18, a PEG ratio of 1.93 and a beta of 1.31. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29.
Crane (NYSE:CR - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The conglomerate reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.29 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $557.60 million during the quarter, compared to analyst estimates of $546.93 million. During the same quarter last year, the business posted $1.22 EPS. The company's revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that Crane will post 7.87 earnings per share for the current fiscal year.
Crane Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Friday, May 30th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.92 dividend on an annualized basis and a yield of 0.55%. Crane's payout ratio is presently 18.18%.
About Crane
(
Free Report)
Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.
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