Morningstar Investment Services LLC Sells 973 Shares of Crane Co. (NYSE:CR)

Morningstar Investment Services LLC reduced its stake in Crane Co. (NYSE:CR) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,681 shares of the conglomerate’s stock after selling 973 shares during the period. Morningstar Investment Services LLC owned approximately 0.08% of Crane worth $2,863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in shares of Crane by 8.9% in the first quarter. Victory Capital Management Inc. now owns 1,514,803 shares of the conglomerate’s stock valued at $74,498,000 after buying an additional 123,232 shares during the period. State Street Corp raised its position in Crane by 1.9% during the first quarter. State Street Corp now owns 1,216,796 shares of the conglomerate’s stock valued at $59,842,000 after purchasing an additional 22,942 shares in the last quarter. Nuveen Asset Management LLC raised its position in Crane by 138.0% during the first quarter. Nuveen Asset Management LLC now owns 1,205,641 shares of the conglomerate’s stock valued at $59,294,000 after purchasing an additional 699,026 shares in the last quarter. Waddell & Reed Financial Inc. raised its position in Crane by 4.9% during the first quarter. Waddell & Reed Financial Inc. now owns 747,160 shares of the conglomerate’s stock valued at $36,745,000 after purchasing an additional 34,638 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in Crane by 16.5% during the first quarter. Alliancebernstein L.P. now owns 690,353 shares of the conglomerate’s stock valued at $33,952,000 after purchasing an additional 97,782 shares in the last quarter. Institutional investors and hedge funds own 67.43% of the company’s stock.

NYSE CR traded up $0.03 on Friday, reaching $56.57. The company had a trading volume of 336,429 shares, compared to its average volume of 288,293. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 94.28 and a beta of 1.51. Crane Co. has a fifty-two week low of $36.77 and a fifty-two week high of $89.54. The business has a 50 day moving average of $57.31 and a two-hundred day moving average of $62.28. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.33 and a quick ratio of 0.90.

Crane (NYSE:CR) last posted its quarterly earnings data on Monday, July 27th. The conglomerate reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.17. The business had revenue of $677.90 million during the quarter, compared to the consensus estimate of $635.76 million. Crane had a return on equity of 19.07% and a net margin of 1.22%. Crane’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.58 earnings per share. As a group, research analysts predict that Crane Co. will post 3.72 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 31st will be issued a $0.43 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.72 dividend on an annualized basis and a yield of 3.04%. Crane’s payout ratio is 28.57%.

Several brokerages have commented on CR. Zacks Investment Research upgraded shares of Crane from a “strong sell” rating to a “hold” rating and set a $50.00 price objective for the company in a research report on Tuesday, June 30th. Stifel Nicolaus lowered their price objective on shares of Crane from $105.00 to $71.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. ValuEngine upgraded shares of Crane from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Cfra lowered their price objective on shares of Crane from $89.00 to $58.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Finally, Canaccord Genuity upgraded shares of Crane from a “hold” rating to a “buy” rating and boosted their price objective for the company from $62.00 to $66.00 in a research report on Tuesday, June 16th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Crane currently has a consensus rating of “Buy” and an average price target of $72.29.

In related news, CEO Max H. Mitchell acquired 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was acquired at an average cost of $46.27 per share, for a total transaction of $69,405.00. Following the completion of the acquisition, the chief executive officer now directly owns 229,363 shares of the company’s stock, valued at approximately $10,612,626.01. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.60% of the company’s stock.

Crane 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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Institutional Ownership by Quarter for Crane (NYSE:CR)

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