Crane (NYSE:CR) Hits New 52-Week High Following Dividend Announcement

Crane (NYSE:CR)’s share price reached a new 52-week high on Tuesday following a dividend announcement from the company. The company traded as high as $156.96 and last traded at $156.83, with a volume of 79958 shares. The stock had previously closed at $153.93.

The newly announced dividend which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 30th will be given a dividend of $0.205 per share. The ex-dividend date is Friday, August 30th. This represents a $0.82 dividend on an annualized basis and a yield of 0.53%. Crane’s payout ratio is 21.98%.

Analyst Upgrades and Downgrades

CR has been the subject of a number of analyst reports. Bank of America boosted their price target on Crane from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. StockNews.com raised Crane from a “hold” rating to a “buy” rating in a report on Saturday, April 27th. Stifel Nicolaus upped their target price on Crane from $157.00 to $168.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. DA Davidson upped their target price on Crane from $142.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Vertical Research upgraded Crane from a “hold” rating to a “buy” rating in a research note on Wednesday, April 24th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Crane presently has a consensus rating of “Moderate Buy” and an average price target of $145.50.

Crane Price Performance

The company has a market cap of $8.87 billion, a PE ratio of 41.61, a P/E/G ratio of 1.93 and a beta of 0.80. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The company has a 50-day moving average price of $146.10 and a two-hundred day moving average price of $135.12.

Crane (NYSE:CR) last issued its quarterly earnings results on Monday, April 22nd. The conglomerate reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The firm had revenue of $565.30 million during the quarter, compared to the consensus estimate of $546.39 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. Crane’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 earnings per share. Sell-side analysts expect that Crane will post 7.87 earnings per share for the current fiscal year.

Institutional Trading of Crane

Several institutional investors and hedge funds have recently bought and sold shares of CR. Covestor Ltd raised its stake in Crane by 150.6% during the first quarter. Covestor Ltd now owns 218 shares of the conglomerate’s stock valued at $30,000 after buying an additional 131 shares in the last quarter. ORG Partners LLC acquired a new stake in shares of Crane during the 2nd quarter worth approximately $31,000. Fifth Third Bancorp raised its position in shares of Crane by 40.9% during the 4th quarter. Fifth Third Bancorp now owns 341 shares of the conglomerate’s stock worth $40,000 after purchasing an additional 99 shares during the period. Blue Trust Inc. raised its position in shares of Crane by 29.9% during the 2nd quarter. Blue Trust Inc. now owns 487 shares of the conglomerate’s stock worth $66,000 after purchasing an additional 112 shares during the period. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Crane during the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

About Crane

Crane Company, together with its subsidiaries, manufactures and sells engineered industrial products in the United States, Canada, the United Kingdom, Continental Europe, and internationally. The company operates in three segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials.