Crane co. (cr) upgraded to hold at zacks investment research – microcap magazine
Crane Co. (NYSE:CR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Analyst Ratings Net reports. According to Zacks, “Crane Co. stands well-positioned to leverage benefits from a diversified product portfolio and large client base over the long run. However, risks from foreign currency translation, stiff competition and uncertain global economic conditions can restrict its momentum in the near term. In fourth-quarter 2015,
the company’s earnings of $1.12 per share surpassed the Zacks Consensus Estimate of $1.10, but fell 1.1% year over year. Revenues declined 6.9% as sales performances in all four business segments were weak. Total order backlog fell 3.3% sequentially. For 2016, the company anticipates weak commodity prices, low industrial demand and adverse forex movements to restrict the top-line performance of its Fluid Handling segment. Earnings per share are predicted to be flat to down 7%; while adverse foreign currency movements will likely hurt the top line by 2%.” Shares of Crane (NYSE:CR) traded up 0.85% during mid-day trading on Tuesday, reaching $53.62. 345,395 shares of the company traded hands.
The firm has a 50-day moving average price of $50.81 and a 200 day moving average price of $49.34. The firm has a market capitalization of $3.12 billion and a price-to-earnings ratio of 13.78. Crane has a 52 week low of $41.68 and a 52 week high of $64.71. Crane (NYSE:CR) last released its quarterly earnings results on Monday, January 25th. The company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.02. During the same period in the previous year, the company posted $1.13 earnings per share. The firm had revenue of $680 million for the quarter, compared to analysts’ expectations of $694.99 million. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. On average, analysts anticipate that Crane will post $3.99 earnings per share for the current year. The firm also recently declared a quarterly dividend, which was paid on Thursday, March 10th.
Investors of record on Monday, February 29th were issued a $0.33 dividend. The ex-dividend date was Thursday, February 25th. This represents a $1.32 annualized dividend and a yield of 2.48%. Several other analysts have also commented on CR. Canaccord Genuity reissued a “buy” rating and set a $7.50 price target on shares of Crane in a research report on Tuesday, January 5th. Vertical Research raised shares of Crane from a “hold” rating to a “buy” rating in a research report on Monday, January 11th. Seaport Global Securities raised shares of Crane from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $57.00 in a research report on Thursday, January 21st. Susquehanna decreased their price objective on shares of Crane from $50.00 to $46.00 in a research report on Thursday, January 21st. Finally, RBC Capital decreased their price objective on shares of Crane from $50.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 27th.
Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $56.00. Other large investors have recently modified their holdings of the company. DIAM Co. Ltd. boosted its stake in shares of Crane by 16.4% in the fourth quarter. DIAM Co. Ltd. now owns 21,988 shares of the company’s stock worth $1,069,000 after buying an additional 3,093 shares during the last quarter.
US Bancorp DE boosted its stake in shares of Crane by 10.2% in the fourth quarter. US Bancorp DE now owns 24,557 shares of the company’s stock worth $1,175,000 after buying an additional 2,269 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Crane by 22.1% in the fourth quarter. Wedge Capital Management L L P NC now owns 24,900 shares of the company’s stock worth $1,191,000 after buying an additional 4,500 shares during the last quarter. Cubic Asset Management LLC boosted its stake in shares of Crane by 9.0% in the fourth quarter. Cubic Asset Management LLC now owns 25,165 shares of the company’s stock worth $1,204,000 after buying an additional 2,075 shares during the last quarter. Finally, Dean Capital Management boosted its stake in shares of Crane by 21.2% in the fourth quarter.
Dean Capital Management now owns 25,875 shares of the company’s stock worth $1,238,000 after buying an additional 4,520 shares during the last quarter. In other news, Director E Thayer Bigelow sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $48.59, for a total transaction of $194,360.00. Following the sale, the director now owns 21,791 shares of the company’s stock, valued at approximately $1,058,824.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Max H. Mitchell acquired 6,000 shares of the company’s stock in a transaction dated Thursday, January 28th.
The shares were purchased at an average cost of $46.10 per share, for a total transaction of $276,600.00. Following the purchase, the chief executive officer now directly owns 91,238 shares in the company, valued at $4,206,071.80. The disclosure for this purchase can be found here. Crane Co (NYSE:CR) is a diversified manufacturer of engineered industrial products. The Company operates in four segments: Fluid Handling, which is a provider of engineered fluid handling equipment, including valves, pumps, lined pipe and instrumentation, for critical performance applications; Payment & Merchandising Technologies, which is comprised of Crane Payment Innovations and Merchandising Systems; Aerospace & Electronics, which has two groups: the Aerospace Group and the Electronics Group, and Engineered Materials, which manufactures fiberglass-reinforced plastic panels for the transportation industry RVs and industrial building applications, among others.