Zacks Investment Research Downgrades Crane (NYSE:CR) to Hold

Crane (NYSE:CR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. They presently have a $99.00 price target on the conglomerate’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 4.30% from the stock’s current price.

According to Zacks, “Crane is experiencing improving order trends across its businesses, including short-cycle commercial and core process. In the quarters ahead, strength across chemical, general industrial, military, non-residential construction and municipal end markets is likely to drive its performance. The company’s buyout of CIRCOR’s Instrumentation & Sampling business has been adding value to its process valve unit. For 2021, it expects net sales of $3,100 million and adjusted earnings of $5.95-$6.15 per share. However, its shares have underperformed the industry in the past six months. Headwinds across the company’s commercial aerospace end markets might continue to affect its near-term performance. Forex woes might affect its performance in the quarters ahead. Rise in debt levels can raise its financial obligations and hurt profitability.”

CR has been the subject of several other research reports. Bank of America assumed coverage on shares of Crane in a research report on Wednesday, September 8th. They set a “buy” rating and a $123.00 price objective for the company. BMO Capital Markets raised shares of Crane to an “outperform” rating in a research report on Monday. Finally, DA Davidson reaffirmed a “buy” rating and set a $96.15 price objective (down previously from $110.00) on shares of Crane in a research report on Tuesday, July 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Crane has an average rating of “Buy” and a consensus price target of $98.23.

Shares of NYSE:CR traded up $0.68 on Tuesday, hitting $94.92. The stock had a trading volume of 3,064 shares, compared to its average volume of 274,774. The firm’s 50 day moving average price is $96.72 and its 200-day moving average price is $94.78. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.60 and a current ratio of 2.20. Crane has a twelve month low of $48.19 and a twelve month high of $104.74. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 0.81 and a beta of 1.70.

Crane (NYSE:CR) last posted its quarterly earnings data on Sunday, July 25th. The conglomerate reported $1.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.44. The company had revenue of $796.40 million for the quarter, compared to the consensus estimate of $736.45 million. Crane had a net margin of 11.33% and a return on equity of 20.48%. As a group, sell-side analysts predict that Crane will post 6.13 EPS for the current year.

In related news, SVP Kurt F. Gallo sold 454 shares of the firm’s stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $99.00, for a total transaction of $44,946.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kurt F. Gallo sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $103.74, for a total value of $259,350.00. Following the transaction, the senior vice president now directly owns 2,500 shares in the company, valued at $259,350. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $1,297,468 over the last 90 days. Company insiders own 3.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CR. Thrivent Financial for Lutherans lifted its position in shares of Crane by 5.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 618,669 shares of the conglomerate’s stock worth $57,146,000 after purchasing an additional 30,120 shares during the period. Parametric Portfolio Associates LLC boosted its position in Crane by 2.5% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 255,070 shares of the conglomerate’s stock valued at $23,561,000 after acquiring an additional 6,150 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Crane during the 2nd quarter worth approximately $216,000. Morgan Stanley raised its position in shares of Crane by 11.5% in the 2nd quarter. Morgan Stanley now owns 338,658 shares of the conglomerate’s stock worth $31,281,000 after acquiring an additional 34,948 shares in the last quarter. Finally, M Holdings Securities Inc. lifted its stake in shares of Crane by 2.7% in the 2nd quarter. M Holdings Securities Inc. now owns 10,066 shares of the conglomerate’s stock valued at $930,000 after purchasing an additional 265 shares during the period. 70.80% of the stock is currently owned by institutional investors and hedge funds.

About Crane

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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