Crane (NYSE:CR) Plans Dividend Increase – $0.21 Per Share

Crane (NYSE:CRGet Free Report) declared a quarterly dividend on Tuesday, January 30th, Wall Street Journal reports. Investors of record on Thursday, February 29th will be paid a dividend of 0.205 per share by the conglomerate on Wednesday, March 13th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Wednesday, February 28th. This is a positive change from Crane’s previous quarterly dividend of $0.18.

Crane has decreased its dividend by an average of 16.3% annually over the last three years. Crane has a payout ratio of 13.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Crane to earn $8.57 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 8.4%.

Crane Price Performance

Shares of CR opened at $122.97 on Wednesday. Crane has a 12-month low of $67.28 and a 12-month high of $123.04. The business’s fifty day moving average is $112.29 and its 200 day moving average is $98.60. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a market cap of $6.99 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.93 and a beta of 1.49.

Insider Activity

In related news, CFO Richard A. Maue sold 27,527 shares of Crane stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $105.13, for a total value of $2,893,913.51. Following the completion of the sale, the chief financial officer now owns 67,071 shares of the company’s stock, valued at approximately $7,051,174.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Crane news, CFO Richard A. Maue sold 27,527 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $105.13, for a total value of $2,893,913.51. Following the completion of the transaction, the chief financial officer now owns 67,071 shares in the company, valued at approximately $7,051,174.23. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Max H. Mitchell sold 22,542 shares of Crane stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $106.45, for a total value of $2,399,595.90. Following the sale, the chief executive officer now owns 322,628 shares of the company’s stock, valued at approximately $34,343,750.60. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Crane

A number of large investors have recently modified their holdings of CR. State Street Corp increased its stake in Crane by 93.0% in the 2nd quarter. State Street Corp now owns 2,666,141 shares of the conglomerate’s stock worth $193,106,000 after purchasing an additional 1,285,048 shares during the period. Gamco Investors INC. ET AL increased its stake in Crane by 76.8% in the 2nd quarter. Gamco Investors INC. ET AL now owns 2,408,030 shares of the conglomerate’s stock worth $179,899,000 after purchasing an additional 1,046,295 shares during the period. Alliancebernstein L.P. increased its stake in Crane by 63.6% in the 2nd quarter. Alliancebernstein L.P. now owns 1,540,926 shares of the conglomerate’s stock worth $89,456,000 after purchasing an additional 599,080 shares during the period. Nuveen Asset Management LLC increased its stake in Crane by 141.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 988,245 shares of the conglomerate’s stock worth $70,105,000 after purchasing an additional 578,136 shares during the period. Finally, Norges Bank purchased a new position in shares of Crane during the fourth quarter valued at approximately $45,726,000. 85.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CR shares. Stifel Nicolaus increased their target price on Crane from $124.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. StockNews.com upgraded Crane from a “hold” rating to a “buy” rating in a report on Wednesday, January 10th. Vertical Research began coverage on Crane in a research report on Monday, November 20th. They issued a “hold” rating and a $110.00 price target for the company. CJS Securities began coverage on Crane in a research report on Monday, October 30th. They issued an “outperform” rating for the company. Finally, Bank of America lowered their price target on Crane from $140.00 to $105.00 in a research report on Tuesday, October 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.83.

View Our Latest Analysis on CR

Crane Company Profile

(Get Free Report)

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the Americas, Europe, the Middle East, Asia, and Australia. The company has three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense, and space markets.

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Dividend History for Crane (NYSE:CR)

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