Signition LP purchased a new stake in shares of Crane Co. (NYSE:CR) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,697 shares of the conglomerate’s stock, valued at approximately $265,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV purchased a new stake in Crane during the second quarter valued at about $156,000. Sageworth Trust Co raised its position in Crane by 466.7% during the third quarter. Sageworth Trust Co now owns 1,700 shares of the conglomerate’s stock valued at $167,000 after purchasing an additional 1,400 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Crane during the third quarter valued at about $221,000. Fruth Investment Management purchased a new stake in Crane during the third quarter valued at about $226,000. Finally, Paloma Partners Management Co purchased a new stake in Crane during the second quarter valued at about $229,000. Institutional investors and hedge funds own 68.84% of the company’s stock.
In related news, VP Kristian Robert Salovaara sold 13,367 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $89.53, for a total transaction of $1,196,747.51. Following the transaction, the vice president now owns 34,863 shares in the company, valued at approximately $3,121,284.39. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bradley Ellis sold 11,763 shares of the business’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $90.53, for a total value of $1,064,904.39. Following the transaction, the insider now owns 164,937 shares in the company, valued at approximately $14,931,746.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,130 shares of company stock worth $2,534,862. 3.00% of the stock is owned by company insiders.
Several research firms have recently commented on CR. Stifel Nicolaus lifted their price objective on Crane from $115.00 to $117.00 and gave the stock a “buy” rating in a report on Monday, October 8th. UBS Group lifted their price objective on Crane from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Zacks Investment Research upgraded Crane from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a report on Friday, July 27th. Finally, ValuEngine upgraded Crane from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $108.13.
CR opened at $90.96 on Monday. The stock has a market capitalization of $5.42 billion, a PE ratio of 20.08, a P/E/G ratio of 1.61 and a beta of 1.31. The company has a current ratio of 1.68, a quick ratio of 1.19 and a debt-to-equity ratio of 0.61. Crane Co. has a 12 month low of $78.93 and a 12 month high of $102.65.
Crane (NYSE:CR) last released its quarterly earnings data on Monday, October 22nd. The conglomerate reported $1.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.16. Crane had a return on equity of 23.29% and a net margin of 6.76%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $855.87 million. During the same quarter in the previous year, the business earned $1.13 earnings per share. The company’s quarterly revenue was up 23.0% on a year-over-year basis. On average, analysts predict that Crane Co. will post 5.87 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 30th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. Crane’s dividend payout ratio is presently 30.91%.
Crane Company Profile
Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including on/off valves and related products for application in the chemical, oil and gas, power, and general industrial end markets; valves and related products for the non-residential construction, general industrial, and municipal markets; and pumps and related products for water and wastewater applications in the industrial, municipal, commercial, and military markets.
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