Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Invests $1,434,000 in Crane Co. (CR)
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Crane Co. (NYSE:CR) during the third quarter, Holdings Channel reports. The firm bought 22,760 shares of the company’s stock, valued at approximately $1,434,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Stanley Laman Group Ltd. bought a new stake in Crane during the third quarter worth $192,000. LS Investment Advisors LLC increased its position in shares of Crane by 74.5% in the second quarter. LS Investment Advisors LLC now owns 3,056 shares of the company’s stock worth $173,000 after buying an additional 1,305 shares during the last quarter. Argyle Capital Management Inc. purchased a new position in shares of Crane during the third quarter worth approximately $202,000. World Asset Management Inc purchased a new position in shares of Crane during the third quarter worth approximately $202,000. Finally, Chicago Equity Partners LLC purchased a new position in shares of Crane during the third quarter worth approximately $205,000. 67.86% of the stock is currently owned by institutional investors.
Crane Co. (NYSE:CR) traded down 0.35% on Wednesday, reaching $73.49. 527,905 shares of the company traded hands. The company has a market capitalization of $4.31 billion, a P/E ratio of 17.21 and a beta of 1.13. The company has a 50-day moving average price of $68.25 and a 200-day moving average price of $62.46. Crane Co. has a 12 month low of $41.68 and a 12 month high of $76.09.
Crane (NYSE:CR) last released its quarterly earnings results on Monday, October 24th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.06. Crane had a net margin of 9.17% and a return on equity of 20.59%. The firm had revenue of $694 million for the quarter, compared to the consensus estimate of $666.89 million. During the same quarter in the previous year, the firm posted ($0.13) EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Equities research analysts expect that Crane Co. will post $4.19 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Wednesday, November 30th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Monday, November 28th. Crane’s dividend payout ratio (DPR) is 30.99%.
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A number of brokerages recently commented on CR. Credit Suisse Group AG set a $8.00 target price on shares of Crane and gave the stock a “hold” rating in a research note on Sunday, November 6th. Canaccord Genuity boosted their target price on shares of Crane from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Wednesday, October 26th. Zacks Investment Research downgraded shares of Crane from a “buy” rating to a “hold” rating in a research note on Thursday, November 10th. Stifel Nicolaus boosted their target price on shares of Crane from $65.00 to $69.00 and gave the stock a “hold” rating in a research note on Wednesday, October 26th. Finally, Avondale Partners reiterated a “market perform” rating on shares of Crane in a research note on Wednesday, October 12th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $60.75.
In other news, Director Philip R. Lochner sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $68.26, for a total value of $136,520.00. Following the completion of the sale, the director now owns 2,350 shares of the company’s stock, valued at approximately $160,411. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Augustus I. Dupont sold 3,000 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $68.29, for a total transaction of $204,870.00. Following the completion of the sale, the vice president now directly owns 93,753 shares of the company’s stock, valued at approximately $6,402,392.37. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company’s stock.
Crane Co is a diversified manufacturer of engineered industrial products. The Company operates in four segments: 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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