Synovus Financial Corp grew its holdings in Crane Company (NYSE:CR) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,012 shares of the conglomerate’s stock after buying an additional 288 shares during the period. Synovus Financial Corp’s holdings in Crane were worth $395,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can increased its stake in Crane by 2.8% during the 1st quarter. Bank of Montreal Can now owns 5,024 shares of the conglomerate’s stock worth $376,000 after acquiring an additional 135 shares during the period. Profund Advisors LLC increased its stake in shares of Crane by 0.6% in the 1st quarter. Profund Advisors LLC now owns 6,861 shares of the conglomerate’s stock valued at $513,000 after purchasing an additional 43 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Crane by 1.2% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,254 shares of the conglomerate’s stock valued at $1,291,000 after purchasing an additional 200 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Crane by 2.8% in the 1st quarter. Wells Fargo & Company MN now owns 111,525 shares of the conglomerate’s stock valued at $8,345,000 after purchasing an additional 2,988 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Crane by 287.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 90,300 shares of the conglomerate’s stock valued at $6,757,000 after purchasing an additional 67,000 shares during the last quarter. Institutional investors own 70.70% of the company’s stock.
Crane Company (NYSE CR) traded up 0.74% during midday trading on Friday, hitting $76.27. The company’s stock had a trading volume of 372,385 shares. The company’s 50 day moving average price is $74.52 and its 200 day moving average price is $76.78. Crane Company has a 12 month low of $59.81 and a 12 month high of $84.34. The firm has a market cap of $4.55 billion, a P/E ratio of 34.75 and a beta of 1.11.
Crane (NYSE:CR) last announced its quarterly earnings results on Monday, July 24th. The conglomerate reported $1.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.17. Crane had a net margin of 4.79% and a return on equity of 20.57%. The firm had revenue of $702.50 million for the quarter, compared to the consensus estimate of $702.53 million. During the same period in the prior year, the firm posted $1.21 earnings per share. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. Analysts expect that Crane Company will post $4.47 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Thursday, August 31st were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Tuesday, August 29th. Crane’s dividend payout ratio (DPR) is presently 60.83%.
In other Crane news, VP Edward S. Switter sold 7,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $74.03, for a total transaction of $518,210.00. Following the transaction, the vice president now directly owns 23,873 shares of the company’s stock, valued at $1,767,318.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director E Thayer Bigelow sold 6,000 shares of the stock in a transaction on Monday, August 28th. The shares were sold at an average price of $73.73, for a total transaction of $442,380.00. The disclosure for this sale can be found here. Insiders have sold 22,200 shares of company stock worth $1,661,630 over the last three months. 3.10% of the stock is currently owned by insiders.
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Several brokerages have commented on CR. Stifel Nicolaus reaffirmed a “hold” rating and set a $85.00 target price on shares of Crane in a report on Friday, July 14th. Zacks Investment Research lowered Crane from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Wolfe Research raised Crane from a “market perform” rating to an “outperform” rating in a research report on Monday, August 14th. Finally, BidaskClub lowered Crane from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Crane currently has an average rating of “Buy” and a consensus target price of $76.88.
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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