Raymond James Financial Services Advisors Inc. Sells 6,605 Shares of Crane NXT, Co. (NYSE:CXT)

Raymond James Financial Services Advisors Inc. cut its stake in shares of Crane NXT, Co. (NYSE:CXT) by 42.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,069 shares of the company’s stock after selling 6,605 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Crane NXT were worth $516,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Xponance Inc. purchased a new position in shares of Crane NXT during the third quarter worth approximately $319,000. Hudson Bay Capital Management LP purchased a new position in shares of Crane NXT during the third quarter worth approximately $3,319,000. Clearbridge Investments LLC purchased a new position in shares of Crane NXT during the third quarter worth approximately $10,781,000. Swiss National Bank purchased a new position in shares of Crane NXT during the third quarter worth approximately $5,890,000. Finally, Signaturefd LLC purchased a new position in shares of Crane NXT during the third quarter worth approximately $109,000. 77.49% of the stock is owned by hedge funds and other institutional investors.

Crane NXT Stock Performance

Shares of CXT stock opened at $61.33 on Friday. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 18.76 and a beta of 1.37. The company’s 50 day moving average is $60.09 and its 200 day moving average is $56.38. The company has a quick ratio of 1.46, a current ratio of 1.93 and a debt-to-equity ratio of 0.66. Crane NXT, Co. has a 52-week low of $46.14 and a 52-week high of $63.36.

Crane NXT (NYSE:CXT) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.07. Crane NXT had a net margin of 13.53% and a return on equity of 20.33%. The company had revenue of $356.90 million for the quarter, compared to analyst estimates of $340.89 million. During the same period last year, the company posted $2.13 earnings per share. Crane NXT’s revenue was up 5.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Crane NXT, Co. will post 4.26 EPS for the current fiscal year.

Crane NXT Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on CXT shares. Northland Securities started coverage on shares of Crane NXT in a report on Monday, April 8th. They set an “outperform” rating and a $91.00 price objective on the stock. DA Davidson lifted their price objective on shares of Crane NXT from $80.00 to $100.00 and gave the company a “buy” rating in a 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.