Crane (NYSE:CR) Lifted to “Hold” at Zacks Investment Research

Crane (NYSE:CR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $107.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 4.85% from the company’s current price.

According to Zacks, “Crane’s third-quarter earnings and revenues beat the Zacks Consensus Estimate by 38% and 7.7%, respectively. The company is experiencing improving order trends across its businesses, including short-cycle commercial and core process. In the quarters ahead, strength across chemical and general industrial and recovery in commercial aerospace end markets is likely to drive its performance. For 2021, it expects net sales of $3,150 million and adjusted earnings of $6.35-$6.45 per share. Its shares have outperformed the industry in the past six months. However, headwinds across its defense OEM business might continue to affect its near-term performance. The company has been dealing with high costs and expenses, which might affect its margins and profitability. An increase in debt levels can raise its financial obligations and hurt profitability.”

Several other analysts also recently commented on the company. DA Davidson increased their target price on Crane from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday. They noted that the move was a valuation call. Bank of America initiated coverage on Crane in a report on Wednesday, September 8th. They set a “buy” rating and a $123.00 price target on the stock. Finally, BMO Capital Markets raised Crane to an “outperform” rating in a report on Monday, September 27th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $105.60.

Shares of Crane stock traded up $0.55 during midday trading on Wednesday, hitting $102.05. The company had a trading volume of 6,669 shares, compared to its average volume of 270,139. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.60 and a current ratio of 2.20. The stock has a market capitalization of $5.98 billion, a P/E ratio of 17.23, a P/E/G ratio of 0.81 and a beta of 1.70. The company has a 50 day moving average of $96.51 and a 200 day moving average of $94.89. Crane has a 52-week low of $49.05 and a 52-week high of $106.12.

Crane (NYSE:CR) last posted its quarterly earnings results on Sunday, October 24th. The conglomerate reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.53. Crane had a return on equity of 20.48% and a net margin of 11.33%. The company had revenue of $833.50 million for the quarter, compared to the consensus estimate of $770.61 million. During the same quarter in the prior year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. Equities research analysts forecast that Crane will post 6.13 EPS for the current year.

In related news, SVP Kurt F. Gallo sold 454 shares of the business’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $99.00, for a total value of $44,946.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kurt F. Gallo sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $98.01, for a total transaction of $490,050.00. The disclosure for this sale can be found here. In the last three months, insiders sold 13,000 shares of company stock valued at $1,297,468. 3.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Eagle Bay Advisors LLC purchased a new stake in shares of Crane during the second quarter valued at $27,000. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Crane by 115.0% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 286 shares of the conglomerate’s stock valued at $26,000 after buying an additional 153 shares during the last quarter. First Quadrant L P CA purchased a new stake in Crane in the third quarter valued at $34,000. Toth Financial Advisory Corp purchased a new stake in Crane in the third quarter valued at $57,000. Finally, Lazard Asset Management LLC purchased a new stake in Crane in the second quarter valued at $71,000. 70.80% of the stock is currently owned by hedge funds and other institutional investors.

Crane Company Profile

Crane Co engages in the manufacturing of engineered industrial products. It operates through the following business segments: Fluid Handling; Payment and Merchandising Technologies; Aerospace and Electronics; and Engineered Materials. The Fluid Handling segment provides industrial fluid control products and systems.

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