Crane Co. (NYSE:CR) saw a significant drop in short interest in September. As of September 30th, there was short interest totalling 456,400 shares, a drop of 29.3% from the August 30th total of 645,400 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average trading volume of 298,500 shares, the days-to-cover ratio is currently 1.5 days.
In related news, VP James A. Lavish sold 650 shares of Crane stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $86.36, for a total transaction of $56,134.00. Following the completion of the transaction, the vice president now directly owns 16,359 shares in the company, valued at $1,412,763.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.39% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC acquired a new position in Crane during the second quarter worth $25,000. Cullen Frost Bankers Inc. acquired a new position in Crane during the second quarter worth $31,000. Redhawk Wealth Advisors Inc. acquired a new position in Crane during the second quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Crane during the second quarter worth $48,000. Finally, NumerixS Investment Technologies Inc acquired a new position in Crane during the second quarter worth $50,000. Hedge funds and other institutional investors own 69.22% of the company’s stock.
Shares of CR traded up $3.07 during trading hours on Friday, hitting $78.47. 273,627 shares of the stock were exchanged, compared to its average volume of 230,634. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.50 and a current ratio of 2.17. Crane has a 12-month low of $67.18 and a 12-month high of $94.67. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.35. The stock’s 50-day moving average price is $78.07 and its two-hundred day moving average price is $81.85.
Crane (NYSE:CR) last issued its quarterly earnings results on Monday, July 22nd. The conglomerate reported $1.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.03. Crane had a return on equity of 24.24% and a net margin of 10.67%. The firm had revenue of $841.60 million during the quarter, compared to analysts’ expectations of $833.30 million. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts expect that Crane will post 6.39 earnings per share for the current year.
A number of analysts have recently commented on CR shares. DA Davidson boosted their price objective on Crane from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Buckingham Research boosted their price objective on Crane from $97.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, ValuEngine upgraded Crane from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $95.88.
Crane Company Profile
Crane Co manufactures and sells engineered industrial products in the United States and internationally. The company's Fluid Handling segment provides 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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