Pinnacle Associates Ltd. Increases Stock Holdings in Crane $CR

Pinnacle Associates Ltd. increased its holdings in shares of Crane (NYSE:CR) by 30.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,779 shares of the conglomerate’s stock after buying an additional 886 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Crane were worth $718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CR. Twelve Points Wealth Management LLC grew its stake in Crane by 19.6% during the 1st quarter. Twelve Points Wealth Management LLC now owns 11,405 shares of the conglomerate’s stock worth $1,747,000 after buying an additional 1,870 shares during the last quarter. Alps Advisors Inc. grew its stake in Crane by 14.1% during the 1st quarter. Alps Advisors Inc. now owns 41,970 shares of the conglomerate’s stock valued at $6,429,000 after purchasing an additional 5,197 shares during the last quarter. State of Michigan Retirement System grew its stake in Crane by 1.7% during the 1st quarter. State of Michigan Retirement System now owns 11,672 shares of the conglomerate’s stock valued at $1,788,000 after purchasing an additional 200 shares during the last quarter. Xponance Inc. grew its stake in Crane by 1.8% during the 1st quarter. Xponance Inc. now owns 5,633 shares of the conglomerate’s stock valued at $863,000 after purchasing an additional 102 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in Crane by 2.4% during the 1st quarter. New York State Common Retirement Fund now owns 40,488 shares of the conglomerate’s stock valued at $6,202,000 after purchasing an additional 938 shares during the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Crane in a research note on Wednesday, October 8th. DA Davidson set a $235.00 price target on Crane in a research note on Thursday. Bank of America boosted their price target on Crane from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, August 21st. UBS Group reiterated a “buy” rating and set a $230.00 price target (up previously from $215.00) on shares of Crane in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus boosted their price target on Crane from $200.00 to $202.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Crane presently has an average rating of “Moderate Buy” and an average target price of $223.60.

Insiders Place Their Bets

In related news, VP Alejandro Alcala sold 20,791 shares of the company’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $192.74, for a total value of $4,007,257.34. Following the completion of the transaction, the vice president owned 33,526 shares of the company’s stock, valued at approximately $6,461,801.24. This represents a 38.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.12% of the company’s stock.

Crane Stock Up 1.3%

Shares of CR opened at $192.46 on Tuesday. Crane has a 52 week low of $127.04 and a 52 week high of $203.89. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 1.93 and a beta of 1.22. The stock’s 50-day moving average price is $184.47 and its 200-day moving average price is $181.74.

Crane (NYSE:CR) last released its quarterly earnings results on Monday, October 27th. The conglomerate reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.18. The company had revenue of $589.20 million during the quarter, compared to analysts’ expectations of $578.54 million. Crane had a return on equity of 24.45% and a net margin of 13.10%.Crane’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 EPS. Crane has set its FY 2025 guidance at 5.750-5.950 EPS. On average, sell-side analysts predict that Crane will post 7.87 EPS for the current year.

Crane Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 28th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.92 dividend on an annualized basis and a yield of 0.5%. Crane’s dividend payout ratio is presently 14.74%.

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.