Point72 Asset Management L.P. Makes New Investment in Crane (NYSE:CR)

Point72 Asset Management L.P. bought a new stake in shares of Crane (NYSE:CR - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 107,793 shares of the conglomerate's stock, valued at approximately $17,062,000. Point72 Asset Management L.P. owned approximately 0.19% of Crane at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in shares of Crane by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 771,709 shares of the conglomerate's stock worth $111,882,000 after acquiring an additional 70,297 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Crane by 16.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 655,470 shares of the conglomerate's stock worth $103,748,000 after purchasing an additional 91,029 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Crane by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 585,718 shares of the conglomerate's stock valued at $92,707,000 after buying an additional 3,188 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Crane by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 430,543 shares of the conglomerate's stock valued at $62,420,000 after buying an additional 4,276 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in Crane by 12.5% in the second quarter. Driehaus Capital Management LLC now owns 384,588 shares of the conglomerate's stock worth $55,758,000 after buying an additional 42,743 shares during the last quarter. Institutional investors and hedge funds own 75.14% of the company's stock.

Crane Stock Performance

Shares of NYSE CR traded up $0.20 during trading hours on Friday, hitting $176.37. 186,954 shares of the stock were exchanged, compared to its average volume of 233,340. Crane has a one year low of $102.80 and a one year high of $188.52. The company's 50 day moving average is $167.08 and its 200 day moving average is $155.10. 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 firm has a market capitalization of $10.09 billion, a P/E ratio of 38.85, a P/E/G ratio of 1.93 and a beta of 0.93.

Crane (NYSE:CR - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The conglomerate reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.32 by $0.06. The company had revenue of $597.20 million during the quarter, compared to analysts' expectations of $594.45 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business's quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 earnings per share. On average, research analysts expect that Crane will post 7.87 EPS for the current year.

Crane Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.82 annualized dividend and a dividend yield of 0.46%. Crane's payout ratio is 18.06%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Crane from $175.00 to $182.00 and gave the stock a "buy" rating in a research report on Thursday, October 3rd. Stifel Nicolaus cut shares of Crane from a "buy" rating to a "hold" rating and set a $176.00 price objective for the company. in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

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.