Crane (NYSE:CR) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports. The firm currently has a $50.00 price target on the conglomerate’s stock. Zacks Investment Research‘s price objective indicates a potential downside of 16.14% from the company’s previous close.
According to Zacks, “In the past six months, Crane’s shares have underperformed the industry. It is wary of the adverse impacts of the pandemic on its performances. For 2020, the company now predicts adjusted earnings of $3.00-$4.25 per share, suggesting a decline of 40% from that reported in 2019. Net sales are expected to decline 10-16% from the 2019 level, with core sales likely to be down 17-22% year over year. Adjusted earnings in the second quarter will likely be 40-50 cents, suggesting a decline from $1.15 generated in the first quarter of the year. Also, sales are predicted to be $650-$660 million in the second quarter, sequentially below $797.9 million in first-quarter 2020. In addition, high debts and related financial obligations as well as forex woes (with 0.5-1% adverse impacts on sales in 2020) might affect the company's profitability.”
Several other research firms have also issued reports on CR. ValuEngine lowered shares of Crane from a “hold” rating to a “sell” rating in a research report on Wednesday, April 1st. DA Davidson dropped their price objective on shares of Crane from $103.00 to $75.00 in a report on Tuesday, March 24th. Canaccord Genuity raised shares of Crane from a “hold” rating to a “buy” rating and raised their price objective for the stock from $62.00 to $66.00 in a report on Tuesday, June 16th. Cfra dropped their price objective on shares of Crane from $89.00 to $58.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Finally, Stifel Nicolaus dropped their price objective on shares of Crane from $105.00 to $71.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $72.29.
Crane (NYSE:CR) last released its earnings results on Monday, April 27th. The conglomerate reported $1.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.11). Crane had a net margin of 3.50% and a return on equity of 22.07%. The company had revenue of $797.90 million during the quarter, compared to the consensus estimate of $820.58 million. During the same quarter in the previous year, the business posted $1.45 EPS. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts predict that Crane will post 3.75 EPS for the current year.
In other news, CEO Max H. Mitchell purchased 1,500 shares of Crane stock in a transaction dated Wednesday, May 13th. The shares were bought at an average cost of $46.27 per share, with a total value of $69,405.00. Following the completion of the transaction, the chief executive officer now directly owns 229,363 shares in the company, valued at approximately $10,612,626.01. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.60% of the company’s stock.
Several large investors have recently modified their holdings of the stock. FMR LLC boosted its holdings in Crane by 31.3% in the 1st quarter. FMR LLC now owns 175,010 shares of the conglomerate’s stock valued at $14,809,000 after purchasing an additional 41,673 shares during the period. First Trust Advisors LP increased its position in Crane by 40.3% during the 1st quarter. First Trust Advisors LP now owns 10,240 shares of the conglomerate’s stock worth $867,000 after purchasing an additional 2,942 shares in the last quarter. Victory Capital Management Inc. increased its position in Crane by 21.0% during the 4th quarter. Victory Capital Management Inc. now owns 1,391,571 shares of the conglomerate’s stock worth $120,204,000 after purchasing an additional 241,070 shares in the last quarter. Acadian Asset Management LLC increased its position in Crane by 106.2% during the 4th quarter. Acadian Asset Management LLC now owns 1,066 shares of the conglomerate’s stock worth $92,000 after purchasing an additional 549 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Crane by 65.8% in the 4th quarter. Bank of Montreal Can now owns 8,895 shares of the conglomerate’s stock valued at $768,000 after acquiring an additional 3,530 shares during the period. Institutional investors and hedge funds own 67.47% of the company’s stock.
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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