Crane NXT (NYSE:CXT) Shares Down 3.6% – Here’s What Happened

Crane NXT, Co. (NYSE:CXT)’s share price traded down 3.6% during trading on Friday . The company traded as low as $63.23 and last traded at $62.99. 38,041 shares traded hands during trading, a decline of 89% from the average session volume of 343,203 shares. The stock had previously closed at $65.32.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CXT shares. Baird R W raised shares of Crane NXT to a “strong-buy” rating in a report on Thursday, October 17th. Robert W. Baird lifted their price objective on Crane NXT from $77.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Northland Securities dropped their target price on Crane NXT from $96.00 to $85.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Finally, DA Davidson reissued a “buy” rating and issued a $100.00 price target on shares of Crane NXT in a report on Monday, September 30th.

Crane NXT Stock Performance

The stock’s fifty day simple moving average is $60.52 and its 200-day simple moving average is $58.31. The company has a quick ratio of 1.01, a current ratio of 1.38 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $3.62 billion, a PE ratio of 20.77 and a beta of 1.35.

Crane NXT (NYSE:CXT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. The business had revenue of $403.50 million for the quarter, compared to the consensus estimate of $392.44 million. Crane NXT had a return on equity of 23.46% and a net margin of 12.18%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.09 earnings per share. On average, research analysts predict that Crane NXT, Co. will post 4.26 earnings per share for the current fiscal year.

Crane NXT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Investors of record on Friday, November 29th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 1.01%. Crane NXT’s dividend payout ratio is presently 20.98%.

Hedge Funds Weigh In On Crane NXT

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Crane NXT during the 3rd quarter worth $32,000. Fifth Third Bancorp increased its stake in Crane NXT by 98.6% during the fourth quarter. Fifth Third Bancorp now owns 556 shares of the company’s stock worth $32,000 after acquiring an additional 276 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Crane NXT in the 3rd quarter worth about $45,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Crane NXT by 16.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,887 shares of the company’s stock worth $116,000 after purchasing an additional 265 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Crane NXT by 17.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,567 shares of the company’s stock valued at $144,000 after purchasing an additional 380 shares in the last quarter. Institutional investors and hedge funds own 77.49% of the company’s stock.

About Crane NXT

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers’ important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.