Crane (NYSE:CR) Updates FY 2024 Earnings Guidance

Crane (NYSE:CRGet Free Report) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 4.550-4.850 for the period, compared to the consensus earnings per share estimate of 4.720. The company issued revenue guidance of $2.3 billion-$2.3 billion, compared to the consensus revenue estimate of $2.2 billion. Crane also updated its FY24 guidance to $4.55-4.85 EPS.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CR. StockNews.com upgraded Crane from a hold rating to a buy rating in a research note on Wednesday, January 10th. Vertical Research assumed coverage on Crane in a research report on Monday, November 20th. They set a hold rating and a $110.00 price target for the company. Bank of America reduced their price target on Crane from $140.00 to $105.00 in a research report on Tuesday, October 3rd. CJS Securities assumed coverage on Crane in a research report on Monday, October 30th. They set an outperform rating for the company. Finally, Stifel Nicolaus lifted their price target on Crane from $124.00 to $125.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. Three equities research 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 has an average rating of Moderate Buy and an average target price of $107.83.

Check Out Our Latest Report on Crane

Crane Stock Performance

NYSE CR opened at $122.97 on Wednesday. The stock’s fifty day moving average is $112.29 and its two-hundred day moving average is $98.60. The firm has a market capitalization of $6.99 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.93 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. Crane has a fifty-two week low of $67.28 and a fifty-two week high of $123.04.

Crane Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 13th. Shareholders of record on Thursday, February 29th will be given a $0.205 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.82 dividend on an annualized basis and a yield of 0.67%. This is an increase from Crane’s previous quarterly dividend of $0.18. Crane’s payout ratio is currently 9.54%.

Insider Buying and Selling at Crane

In related news, CEO Max H. Mitchell sold 22,542 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was 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 in the company, valued at approximately $34,343,750.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Max H. Mitchell sold 22,542 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was 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 in the company, valued at approximately $34,343,750.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard A. Maue sold 27,527 shares of the business’s stock in a transaction on Friday, November 17th. The shares were 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 in the company, valued at approximately $7,051,174.23. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Crane

Several large investors have recently bought and sold shares of the stock. Money Concepts Capital Corp acquired a new position in shares of Crane during the 4th quarter worth about $25,000. Amundi acquired a new position in shares of Crane during the 4th quarter worth about $32,000. Zions Bancorporation N.A. acquired a new position in shares of Crane during the 1st quarter worth about $42,000. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in shares of Crane by 800.0% during the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 450 shares of the conglomerate’s stock worth $45,000 after acquiring an additional 400 shares in the last quarter. Finally, First Manhattan CO. LLC. boosted its position in shares of Crane by 700.0% during the 1st quarter. First Manhattan CO. LLC. now owns 400 shares of the conglomerate’s stock worth $45,000 after acquiring an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 85.91% of the company’s stock.

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.

Further Reading

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