Wallace Advisory Group LLC Reduces Position in Crane (NYSE:CR)

Wallace Advisory Group LLC decreased its holdings in Crane (NYSE:CR) by 13.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,123 shares of the conglomerate’s stock after selling 330 shares during the quarter. Wallace Advisory Group LLC’s holdings in Crane were worth $287,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. HighTower Advisors LLC bought a new position in shares of Crane during the third quarter worth about $679,000. Kestra Advisory Services LLC bought a new stake in shares of Crane in the 3rd quarter valued at approximately $295,000. Envestnet Portfolio Solutions Inc. bought a new position in Crane in the third quarter worth about $664,000. Envestnet Asset Management Inc. boosted its stake in Crane by 143.0% in the third quarter. Envestnet Asset Management Inc. now owns 116,920 shares of the conglomerate’s stock valued at $10,387,000 after acquiring an additional 68,795 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its holdings in shares of Crane by 12.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 225,649 shares of the conglomerate’s stock valued at $20,047,000 after purchasing an additional 24,790 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Crane Price Performance

Shares of NYSE:CR opened at $144.37 on Wednesday. The stock’s 50 day moving average price is $143.17 and its 200 day moving average price is $130.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 38.71, a PEG ratio of 1.93 and a beta of 0.87. Crane has a 12 month low of $80.84 and a 12 month high of $150.01.

Crane (NYSE:CR) last announced its quarterly earnings data on Monday, April 22nd. The conglomerate reported $1.22 earnings per share (EPS) 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 company had revenue of $565.30 million for the quarter, compared to analysts’ expectations of $546.39 million. During the same quarter in the previous year, the company posted $1.25 EPS. The business’s revenue was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 31st were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date was Friday, May 31st. Crane’s payout ratio is 21.98%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Vertical Research raised Crane from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Bank of America lifted their price objective on shares of Crane from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. UBS Group upped their target price on shares of Crane from $120.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 15th. Stifel Nicolaus reaffirmed a “buy” rating and set a $157.00 price target on shares of Crane in a report on Wednesday, May 15th. Finally, DA Davidson increased their price objective on Crane from $142.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $143.67.

Crane Company Profile

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.