DA Davidson Has Optimistic Outlook of Crane FY2024 Earnings

Crane (NYSE:CR) – Equities research analysts at DA Davidson increased their FY2024 earnings estimates for shares of Crane in a report released on Wednesday, October 30th. DA Davidson analyst M. Summerville now forecasts that the conglomerate will post earnings of $5.17 per share for the year, up from their prior estimate of $5.10. The consensus estimate for Crane’s current full-year earnings is $7.87 per share. DA Davidson also issued estimates for Crane’s Q4 2024 earnings at $1.27 EPS and FY2025 earnings at $6.01 EPS.

A number of other brokerages have also recently issued reports on CR. Stifel Nicolaus upped their price target on shares of Crane from $168.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Crane from $175.00 to $182.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Crane presently has an average rating of “Moderate Buy” and an average price target of $157.33.

Crane Stock Performance

Shares of CR stock opened at $157.34 on Thursday. The stock has a market cap of $9.00 billion, a PE ratio of 34.66, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77. The company’s fifty day moving average price is $154.58 and its 200-day moving average price is $148.55. Crane has a 12 month low of $93.53 and a 12 month high of $163.48. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29.

Crane (NYSE:CR) last announced its earnings results on Monday, October 28th. The conglomerate reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.06. Crane had a net margin of 13.10% and a return on equity of 24.45%. The firm had revenue of $597.20 million for the quarter, compared to analysts’ expectations of $594.45 million. During the same quarter in the previous year, the business posted $1.03 EPS. The company’s quarterly revenue was up 12.7% on a year-over-year basis.

Crane Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 29th will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Friday, November 29th. Crane’s dividend payout ratio (DPR) is 18.06%.

Hedge Funds Weigh In On Crane

A number of hedge funds have recently bought and sold shares of CR. Capital International Investors raised its position in Crane by 103.3% in the 1st quarter. Capital International Investors now owns 1,348,451 shares of the conglomerate’s stock worth $182,216,000 after buying an additional 685,230 shares during the last quarter. Select Equity Group L.P. purchased a new stake in shares of Crane during the 2nd quarter valued at about $21,159,000. Hantz Financial Services Inc. purchased a new stake in shares of Crane during the 2nd quarter valued at about $16,205,000. Lord Abbett & CO. LLC increased its position in shares of Crane by 13.0% during the 1st quarter. Lord Abbett & CO. LLC now owns 727,846 shares of the conglomerate’s stock valued at $98,354,000 after purchasing an additional 83,938 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Crane by 673.2% during the 2nd quarter. American Century Companies Inc. now owns 82,172 shares of the conglomerate’s stock valued at $11,913,000 after purchasing an additional 71,544 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

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.