DA Davidson Reaffirms “Buy” Rating for Crane NXT (NYSE:CXT)

Crane NXT (NYSE:CXT)‘s stock had its “buy” rating reissued by equities research analysts at DA Davidson in a note issued to investors on Tuesday,Benzinga reports. They currently have a $85.00 price objective on the stock. DA Davidson’s target price suggests a potential upside of 59.79% from the stock’s previous close.

A number of other research firms have also recently commented on CXT. Robert W. Baird set a $73.00 price target on shares of Crane NXT in a research note on Friday. UBS Group set a $58.00 price objective on Crane NXT in a report on Friday. Zacks Research raised Crane NXT from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Crane NXT in a report on Wednesday, January 21st. Finally, CJS Securities raised shares of Crane NXT to a “strong-buy” rating in a research note on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $73.60.

Crane NXT Price Performance

Shares of CXT stock traded up $0.44 during trading hours on Tuesday, reaching $53.20. The stock had a trading volume of 517,088 shares, compared to its average volume of 644,464. The stock’s fifty day simple moving average is $50.65 and its 200 day simple moving average is $57.58. The company has a current ratio of 1.50, a quick ratio of 1.20 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $3.05 billion, a PE ratio of 21.19 and a beta of 1.18. Crane NXT has a 12 month low of $41.54 and a 12 month high of $69.00.

Crane NXT (NYSE:CXT) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.02. The firm had revenue of $476.90 million for the quarter, compared to analysts’ expectations of $450.53 million. Crane NXT had a net margin of 8.76% and a return on equity of 19.84%. The business’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. On average, equities research analysts predict that Crane NXT will post 4.16 EPS for the current year.

Institutional Investors Weigh In On Crane NXT

Several institutional investors and hedge funds have recently modified their holdings of CXT. AlphaQuest LLC purchased a new position in shares of Crane NXT during the second quarter valued at about $25,000. Smartleaf Asset Management LLC raised its position in shares of Crane NXT by 141.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 389 shares of the company’s stock worth $25,000 after acquiring an additional 228 shares in the last quarter. Camelot Portfolios LLC purchased a new position in shares of Crane NXT in the 4th quarter valued at approximately $25,000. Quent Capital LLC bought a new stake in shares of Crane NXT during the third quarter valued at approximately $28,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Crane NXT in the third quarter worth $31,000. 77.49% of the stock is owned by hedge funds and other institutional investors.

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. The Crane Currency segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods, and industrial products.