Principal Financial Group Inc. trimmed its position in Crane Co. (NYSE:CR) by 17.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 984,417 shares of the conglomerate’s stock after selling 213,401 shares during the quarter. Principal Financial Group Inc. owned 1.66% of Crane worth $71,055,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. First Trust Advisors LP purchased a new position in Crane during the third quarter worth about $1,166,000. Russell Investments Group Ltd. lifted its stake in Crane by 142.3% during the third quarter. Russell Investments Group Ltd. now owns 38,655 shares of the conglomerate’s stock worth $3,802,000 after purchasing an additional 22,701 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Crane by 35.9% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,219 shares of the conglomerate’s stock worth $513,000 after purchasing an additional 1,378 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Crane during the third quarter worth about $453,000. Finally, Commonwealth Equity Services LLC lifted its stake in Crane by 18.8% during the third quarter. Commonwealth Equity Services LLC now owns 6,248 shares of the conglomerate’s stock worth $614,000 after purchasing an additional 988 shares during the last quarter. 68.15% of the stock is currently owned by hedge funds and other institutional investors.
CR has been the subject of several research analyst reports. Raymond James reaffirmed a “hold” rating on shares of Crane in a research note on Thursday, January 10th. BMO Capital Markets reaffirmed a “buy” rating on shares of Crane in a research note on Friday, January 11th. ValuEngine lowered Crane from a “hold” rating to a “sell” rating in a research note on Tuesday, December 25th. CIBC reaffirmed a “hold” rating on shares of Crane in a research note on Friday, February 1st. Finally, GMP Securities reaffirmed a “hold” rating on shares of Crane in a research note on Thursday, February 14th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Crane currently has an average rating of “Buy” and an average price target of $96.89.
In related news, VP James A. Lavish sold 10,896 shares of the company’s stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $82.90, for a total value of $903,278.40. Following the transaction, the vice president now directly owns 23,527 shares of the company’s stock, valued at approximately $1,950,388.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Louis V. Pinkham sold 55,103 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $85.03, for a total value of $4,685,408.09. The disclosure for this sale can be found here. Insiders have sold a total of 71,149 shares of company stock worth $6,026,127 in the last quarter. Company insiders own 3.00% of the company’s stock.
NYSE CR opened at $85.59 on Friday. Crane Co. has a 1-year low of $67.18 and a 1-year high of $100.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.84 and a quick ratio of 1.29. The stock has a market capitalization of $5.04 billion, a PE ratio of 14.29, a P/E/G ratio of 2.12 and a beta of 1.37.
Crane (NYSE:CR) last released its earnings results on Monday, January 28th. The conglomerate reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.10. Crane had a return on equity of 24.54% and a net margin of 10.03%. The company had revenue of $839.70 million during the quarter, compared to analyst estimates of $862.96 million. During the same quarter in the previous year, the company posted $1.18 EPS. Crane’s revenue for the quarter was up 17.6% on a year-over-year basis. Equities research analysts forecast that Crane Co. will post 6.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Thursday, February 28th were issued a dividend of $0.39 per share. This is an increase from Crane’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, February 27th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.82%. Crane’s dividend payout ratio is 26.04%.
Crane Company Profile
Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including 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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