Crane (NYSE:CR) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Crane (NYSE:CR) posted its quarterly earnings results on Monday. The conglomerate reported $1.38 EPS for the quarter, beating the consensus estimate of $1.32 by $0.06, Briefing.com reports. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $597.20 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. Crane updated its FY24 guidance to $5.05-$5.20 EPS and its FY 2024 guidance to 5.050-5.200 EPS.

Crane Trading Up 3.9 %

CR stock traded up $5.91 during mid-day trading on Tuesday, hitting $158.30. 126,693 shares of the company were exchanged, compared to its average volume of 230,248. The company has a quick ratio of 0.88, a current ratio of 1.18 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $9.06 billion, a P/E ratio of 33.72, a PEG ratio of 1.93 and a beta of 0.77. The business has a fifty day simple moving average of $154.14 and a 200-day simple moving average of $148.29. Crane has a 12-month low of $91.35 and a 12-month high of $163.48.

Crane Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 29th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 0.52%. Crane’s dividend payout ratio is currently 18.06%.

Analyst Ratings Changes

CR has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Crane from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Stifel Nicolaus lifted their price objective on shares of Crane from $168.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.33.

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.