Crane (NYSE:CR) Shares Gap Up After Strong Earnings

Crane (NYSE:CR) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $156.44, but opened at $164.55. Crane shares last traded at $171.54, with a volume of 68,510 shares traded.

The conglomerate reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.07. Crane had a return on equity of 24.45% and a net margin of 13.10%. During the same period in the prior year, the business earned $0.90 earnings per share.

Crane Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 28th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, February 28th. This is a boost from Crane’s previous quarterly dividend of $0.21. This represents a $0.92 annualized dividend and a dividend yield of 0.54%. Crane’s dividend payout ratio is 18.06%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CR shares. Stifel Nicolaus lowered their target price on Crane from $176.00 to $170.00 and set a “hold” rating for the company in a report on Friday, January 24th. UBS Group lifted their price objective on shares of Crane from $152.00 to $157.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft raised their target price on Crane from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Finally, StockNews.com cut shares of Crane from a “buy” rating to a “hold” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $166.80.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Matrix Trust Co bought a new position in shares of Crane in the third quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Crane in the 3rd quarter valued at $28,000. ORG Wealth Partners LLC bought a new position in shares of Crane during the 3rd quarter valued at $30,000. UMB Bank n.a. increased its holdings in shares of Crane by 81.8% in the third quarter. UMB Bank n.a. now owns 220 shares of the conglomerate’s stock worth $35,000 after buying an additional 99 shares during the period. Finally, Quarry LP purchased a new position in Crane in the 3rd quarter worth approximately $37,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Crane Stock Down 2.7 %

The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average is $163.47 and its 200 day moving average is $158.76. The company has a market capitalization of $9.79 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22.

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.