Crane (NYSE:CR) Reaches New 1-Year High on Earnings Beat

Crane (NYSE:CR) shares reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $139.54 and last traded at $134.59, with a volume of 37167 shares trading hands. The stock had previously closed at $130.73.

The conglomerate reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $565.30 million during the quarter, compared to analysts’ expectations of $546.39 million. During the same quarter in the prior year, the business posted $1.25 earnings per share. Crane’s revenue was up 10.0% compared to the same quarter last year.

Crane Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 31st will be given a dividend of $0.205 per share. The ex-dividend date is Friday, May 31st. This represents a $0.82 annualized dividend and a yield of 0.59%. Crane’s dividend payout ratio is 22.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CR shares. StockNews.com cut shares of Crane from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Stifel Nicolaus boosted their target price on Crane from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Bank of America boosted their target price on Crane from $110.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Crane presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ronald Blue Trust Inc. increased its stake in shares of Crane by 99.3% in the third quarter. Ronald Blue Trust Inc. now owns 287 shares of the conglomerate’s stock valued at $26,000 after buying an additional 143 shares during the period. Fifth Third Bancorp increased its stake in shares of Crane by 40.9% in the fourth quarter. Fifth Third Bancorp now owns 341 shares of the conglomerate’s stock valued at $40,000 after buying an additional 99 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Crane in the fourth quarter valued at approximately $90,000. Sutton Place Investors LLC acquired a new position in shares of Crane in the first quarter valued at approximately $206,000. Finally, InTrack Investment Management Inc acquired a new position in shares of Crane in the first quarter valued at approximately $210,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Crane Price Performance

The company has a 50 day moving average price of $130.01 and a 200-day moving average price of $115.65. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The company has a market cap of $7.89 billion, a price-to-earnings ratio of 37.47, a P/E/G ratio of 1.93 and a beta of 1.49.

About Crane

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.