TD Asset Management Inc. lessened its stake in Crane Company (NYSE:CR) by 11.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,100 shares of the conglomerate’s stock after selling 3,200 shares during the quarter. TD Asset Management Inc.’s holdings in Crane were worth $2,008,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in CR. Vanguard Group Inc. grew its stake in Crane by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 4,117,785 shares of the conglomerate’s stock valued at $326,871,000 after acquiring an additional 95,817 shares during the last quarter. BlackRock Inc. grew its stake in Crane by 2.0% in the 2nd quarter. BlackRock Inc. now owns 4,077,492 shares of the conglomerate’s stock valued at $323,668,000 after acquiring an additional 80,055 shares during the last quarter. Principal Financial Group Inc. grew its stake in Crane by 13.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,440,120 shares of the conglomerate’s stock valued at $115,195,000 after acquiring an additional 167,051 shares during the last quarter. State Street Corp grew its stake in Crane by 2.1% in the 2nd quarter. State Street Corp now owns 1,294,600 shares of the conglomerate’s stock valued at $102,771,000 after acquiring an additional 26,771 shares during the last quarter. Finally, Gabelli Funds LLC grew its stake in Crane by 0.4% in the 3rd quarter. Gabelli Funds LLC now owns 1,135,100 shares of the conglomerate’s stock valued at $90,797,000 after acquiring an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
In related news, VP A D. Pantaleoni sold 4,650 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $83.11, for a total value of $386,461.50. Following the sale, the vice president now directly owns 1,076 shares of the company’s stock, valued at $89,426.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James L. L. Tullis sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $81.44, for a total transaction of $162,880.00. Following the completion of the sale, the director now directly owns 2,110 shares in the company, valued at $171,838.40. The disclosure for this sale can be found here. Insiders sold 22,403 shares of company stock worth $1,896,288 over the last three months. Corporate insiders own 3.10% of the company’s stock.
Crane (NYSE:CR) last released its earnings results on Monday, October 23rd. The conglomerate reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Crane had a net margin of 4.96% and a return on equity of 20.70%. The business had revenue of $695.90 million for the quarter, compared to analysts’ expectations of $679.77 million. During the same period last year, the company earned $1.07 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. analysts anticipate that Crane Company will post 4.53 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Thursday, November 30th were given a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $1.32 annualized dividend and a dividend yield of 1.53%. Crane’s dividend payout ratio is presently 59.19%.
Several equities research analysts have issued reports on the stock. Wolfe Research cut shares of Crane from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 25th. Seaport Global Securities raised shares of Crane from a “neutral” rating to a “buy” rating and raised their price target for the stock from $78.00 to $95.00 in a research note on Thursday, October 26th. Boenning Scattergood reaffirmed a “hold” rating on shares of Crane in a research note on Tuesday, October 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $84.00 price target on shares of Crane in a research note on Wednesday, October 4th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Crane in a research note on Friday, November 3rd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $93.83.
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Crane Company Profile
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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