Crane (NYSE:CR) Releases FY 2024 Earnings Guidance

Crane (NYSE:CR) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 4.950-5.150 for the period, compared to the consensus EPS estimate of 5.010. The company issued revenue guidance of $2.3 billion-$2.3 billion, compared to the consensus revenue estimate of $2.3 billion. Crane also updated its FY24 guidance to $4.95-$5.15 EPS.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Bank of America boosted their target price on shares of Crane from $140.00 to $165.00 and gave the company a buy rating in a research note on Wednesday, May 29th. DA Davidson increased their target price on Crane from $142.00 to $160.00 and gave the company a buy rating in a report on Wednesday, April 24th. Vertical Research upgraded Crane from a hold rating to a buy rating in a research note on Wednesday, April 24th. StockNews.com upgraded shares of Crane from a hold rating to a buy rating in a research note on Saturday, April 27th. Finally, Stifel Nicolaus boosted their target price on shares of Crane from $157.00 to $168.00 and gave the company a buy rating in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $145.50.

Crane Price Performance

Shares of CR traded up $6.24 during mid-day trading on Wednesday, hitting $157.66. 55,222 shares of the stock were exchanged, compared to its average volume of 238,480. The firm has a 50-day moving average of $146.69 and a two-hundred day moving average of $136.33. Crane has a 52-week low of $82.57 and a 52-week high of $162.28. 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 company has a market cap of $9.01 billion, a PE ratio of 40.65, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81.

Crane (NYSE:CR) last released its quarterly earnings data on Monday, July 29th. The conglomerate reported $1.30 EPS for the quarter, beating the consensus estimate of $1.24 by $0.06. The business had revenue of $581.00 million during the quarter, compared to analyst estimates of $568.33 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. Crane’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 earnings per share. On average, equities analysts predict that Crane will post 7.87 earnings per share for the current year.

Crane Dividend Announcement

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

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.