Crane (NYSE:CR) Releases Earnings Results, Beats Expectations By $0.06 EPS

Crane (NYSE:CR) released its earnings results on Monday. The conglomerate reported $1.30 EPS for the quarter, topping the consensus estimate of $1.24 by $0.06, Briefing.com reports. The firm had revenue of $581.00 million for the quarter, compared to the consensus estimate of $568.33 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.10 earnings per share. Crane updated its FY24 guidance to $4.95-$5.15 EPS and its FY 2024 guidance to 4.950-5.150 EPS.

Crane Stock Up 4.1 %

CR stock traded up $6.24 on Wednesday, hitting $157.66. 55,222 shares of the company’s stock were exchanged, compared to its average volume of 238,480. The stock has a market cap of $9.01 billion, a P/E ratio of 40.65, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The firm has a 50 day moving average price of $146.69 and a two-hundred day moving average price of $136.33. Crane has a 12-month low of $82.57 and a 12-month high of $162.28.

Crane Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.82 annualized dividend and a dividend yield of 0.52%. Crane’s dividend payout ratio is presently 21.98%.

Wall Street Analyst Weigh In

CR has been the topic of a number of recent research reports. UBS Group upped their price objective on Crane from $120.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, May 15th. Vertical Research raised shares of Crane from a “hold” rating to a “buy” rating in a research note on Wednesday, April 24th. StockNews.com raised shares of Crane from a “hold” rating to a “buy” rating in a research note on Saturday, April 27th. Bank of America lifted their target price on Crane from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Finally, DA Davidson raised their price target on Crane from $142.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Crane currently has an average rating of “Moderate Buy” and an average price target of $145.50.

About Crane

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.