Harvest Fund Management Co. Ltd Reduces Stock Position in Crane (NYSE:CR)

Harvest Fund Management Co. Ltd trimmed its position in Crane (NYSE:CR) by 44.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,198 shares of the conglomerate’s stock after selling 942 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Crane were worth $190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Crane by 6.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 25,169 shares of the conglomerate’s stock valued at $3,402,000 after purchasing an additional 1,546 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Crane by 13.8% in the 1st quarter. Janus Henderson Group PLC now owns 25,486 shares of the conglomerate’s stock valued at $3,444,000 after buying an additional 3,082 shares during the period. Cetera Advisors LLC boosted its stake in shares of Crane by 22.2% in the first quarter. Cetera Advisors LLC now owns 3,654 shares of the conglomerate’s stock worth $494,000 after buying an additional 663 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in Crane during the second quarter worth about $201,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new position in Crane during the second quarter valued at approximately $593,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Crane Price Performance

Crane stock opened at $181.72 on Thursday. The stock has a market capitalization of $10.40 billion, a P/E ratio of 40.00, a P/E/G ratio of 1.93 and a beta of 0.81. The company’s fifty day moving average price is $163.28 and its 200 day moving average price is $153.34. 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 has a 1 year low of $102.80 and a 1 year high of $188.52.

Crane (NYSE:CR) last announced its earnings results on Monday, October 28th. The conglomerate reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.06. Crane had a net margin of 13.10% and a return on equity of 24.45%. The business had revenue of $597.20 million for the quarter, compared to analyst estimates of $594.45 million. During the same quarter last year, the business earned $1.03 earnings per share. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 0.45%. Crane’s payout ratio is currently 18.06%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CR shares. Deutsche Bank Aktiengesellschaft raised their price objective 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. Stifel Nicolaus cut shares of Crane from a “buy” rating to a “hold” rating and set a $176.00 price objective for the company. in a report on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

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.