Minneapolis Portfolio Management Group LLC Sells 10,858 Shares of Crane NXT, Co. (NYSE:CXT)

Minneapolis Portfolio Management Group LLC lowered its stake in Crane NXT, Co. (NYSE:CXT - Free Report) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 496,201 shares of the company's stock after selling 10,858 shares during the period. Crane NXT accounts for approximately 3.6% of Minneapolis Portfolio Management Group LLC's holdings, making the stock its 13th biggest holding. Minneapolis Portfolio Management Group LLC owned 0.87% of Crane NXT worth $27,837,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its stake in Crane NXT by 93.4% in the second quarter. Pacer Advisors Inc. now owns 1,135,065 shares of the company's stock worth $69,716,000 after purchasing an additional 548,155 shares during the period. Capital International Investors lifted its position in Crane NXT by 40.0% during the 1st quarter. Capital International Investors now owns 653,052 shares of the company's stock valued at $40,424,000 after acquiring an additional 186,437 shares during the period. Hsbc Holdings PLC boosted its stake in Crane NXT by 97.0% during the second quarter. Hsbc Holdings PLC now owns 247,842 shares of the company's stock worth $15,222,000 after acquiring an additional 122,056 shares in the last quarter. Congress Asset Management Co. grew its holdings in Crane NXT by 18.3% in the third quarter. Congress Asset Management Co. now owns 742,813 shares of the company's stock worth $41,672,000 after purchasing an additional 114,707 shares during the period. Finally, Kirr Marbach & Co. LLC IN bought a new position in shares of Crane NXT during the second quarter valued at approximately $3,565,000. 77.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CXT shares. Northland Securities lowered their price objective on Crane NXT from $96.00 to $85.00 and set an "outperform" rating for the company in a research note on Monday, October 7th. Robert W. Baird assumed coverage on shares of Crane NXT in a research note on Thursday, October 17th. They set an "outperform" rating and a $77.00 price objective for the company. DA Davidson reaffirmed a "buy" rating and issued a $100.00 target price on shares of Crane NXT in a report on Monday, September 30th. Finally, Baird R W upgraded shares of Crane NXT to a "strong-buy" rating in a report on Thursday, October 17th.

Crane NXT Stock Performance

Shares of NYSE CXT traded down $0.29 during midday trading on Friday, hitting $53.98. 468,094 shares of the stock traded hands, compared to its average volume of 344,302. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.87 and a current ratio of 1.20. Crane NXT, Co. has a one year low of $48.42 and a one year high of $64.80. The firm has a market capitalization of $3.08 billion, a P/E ratio of 17.19 and a beta of 1.33. The firm has a 50-day moving average of $56.41 and a two-hundred day moving average of $58.91.

Crane NXT (NYSE:CXT - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.02. Crane NXT had a return on equity of 24.25% and a net margin of 12.97%. The business had revenue of $370.60 million during the quarter, compared to the consensus estimate of $367.08 million. During the same period in the previous year, the company posted $1.12 EPS. The business's quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that Crane NXT, Co. will post 4.27 EPS for the current fiscal year.

Crane NXT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Shareholders of record on Friday, August 30th were given a $0.16 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.64 annualized dividend and a yield of 1.19%. Crane NXT's payout ratio is presently 20.38%.

About Crane NXT

Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers' important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.