Crane (NYSE:CR) Shares Gap Up After Earnings Beat

Crane (NYSE:CR - Get Free Report) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $156.44, but opened at $164.55. Crane shares last traded at $171.54, with a volume of 68,510 shares.

The conglomerate reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.07. Crane had a net margin of 13.10% and a return on equity of 24.45%. During the same quarter in the previous year, the company earned $0.90 EPS.

Crane Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 28th will be given a $0.23 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.92 annualized dividend and a yield of 0.52%. This is a positive change from Crane's previous quarterly dividend of $0.21. Crane's dividend payout ratio (DPR) is currently 18.06%.

Wall Street Analysts Forecast Growth

CR has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Crane from $175.00 to $182.00 and gave the stock a "buy" rating in a research report on Thursday, October 3rd. UBS Group upped their target price on shares of Crane from $152.00 to $157.00 and gave the stock a "neutral" rating in a research note on Friday, January 3rd. Finally, Stifel Nicolaus decreased their price target on shares of Crane from $176.00 to $170.00 and set a "hold" rating for the company in a research note on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $166.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new stake in shares of Crane during the third quarter worth $515,000. AQR Capital Management LLC raised its holdings in shares of Crane by 11.9% during the 2nd quarter. AQR Capital Management LLC now owns 192,452 shares of the conglomerate's stock worth $27,902,000 after acquiring an additional 20,518 shares during the period. Citigroup Inc. boosted its holdings in Crane by 328.3% in the 3rd quarter. Citigroup Inc. now owns 23,790 shares of the conglomerate's stock valued at $3,765,000 after purchasing an additional 18,236 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Crane by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 585,718 shares of the conglomerate's stock valued at $92,707,000 after acquiring an additional 3,188 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Crane by 204.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,100 shares of the conglomerate's stock worth $2,914,000 after purchasing an additional 13,500 shares during the period. Hedge funds and other institutional investors own 75.14% of the company's stock.

Crane Trading Up 12.3 %

The business's 50-day simple moving average is $163.69 and its two-hundred day simple moving average is $158.47. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 1.93 and a beta of 1.22. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29.

Crane Company Profile

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.