Millennium Management LLC Purchases 11,034 Shares of Crane (NYSE:CR)

Millennium Management LLC grew its stake in Crane (NYSE:CR) by 42.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,104 shares of the conglomerate’s stock after acquiring an additional 11,034 shares during the period. Millennium Management LLC owned 0.06% of Crane worth $5,379,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Crane by 2.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,649 shares of the conglomerate’s stock valued at $529,000 after purchasing an additional 94 shares during the last quarter. SummerHaven Investment Management LLC lifted its stake in Crane by 1.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,112 shares of the conglomerate’s stock valued at $1,176,000 after purchasing an additional 104 shares during the last quarter. Blue Trust Inc. lifted its stake in Crane by 29.9% in the 2nd quarter. Blue Trust Inc. now owns 487 shares of the conglomerate’s stock valued at $66,000 after purchasing an additional 112 shares during the last quarter. Covestor Ltd lifted its stake in Crane by 150.6% in the 1st quarter. Covestor Ltd now owns 218 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 131 shares during the last quarter. Finally, Financial Enhancement Group LLC lifted its stake in Crane by 1.1% in the 1st quarter. Financial Enhancement Group LLC now owns 11,920 shares of the conglomerate’s stock valued at $1,607,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 75.14% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Crane from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Stifel Nicolaus lifted their price target 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. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.17.

Crane Stock Performance

NYSE CR opened at $158.68 on Friday. The firm’s fifty day moving average price is $152.14 and its two-hundred day moving average price is $146.61. The stock has a market cap of $9.07 billion, a PE ratio of 42.54, a PEG ratio of 1.93 and a beta of 0.77. Crane has a fifty-two week low of $82.57 and a fifty-two week high of $162.34. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18.

Crane (NYSE:CR) last issued its quarterly earnings results on Monday, July 29th. The conglomerate reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.06. The company had revenue of $581.00 million for 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 revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 earnings per share. On average, equities analysts expect that Crane will post 7.87 EPS for the current fiscal year.

Crane Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Friday, August 30th were issued a $0.205 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.82 annualized dividend and a yield of 0.52%. Crane’s payout ratio is 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.