Ameriprise Financial Inc. lowered its stake in Crane Co. (NYSE:CR) by 6.0% during the third quarter, Holdings Channel reports. The fund owned 196,938 shares of the company’s stock after selling 12,524 shares during the period. Ameriprise Financial Inc. owned 0.34% of Crane worth $12,409,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of Crane by 234.0% in the third quarter. Tower Research Capital LLC TRC now owns 2,498 shares of the company’s stock worth $158,000 after buying an additional 1,750 shares in the last quarter. 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 in the last quarter. Stanley Laman Group Ltd. acquired a new position in shares of Crane during the third quarter worth about $192,000. Citigroup Inc. increased its position in shares of Crane by 32.9% in the second quarter. Citigroup Inc. now owns 3,469 shares of the company’s stock worth $197,000 after buying an additional 859 shares in the last quarter. Finally, Argyle Capital Management Inc. acquired a new position in shares of Crane during the third quarter worth about $202,000. 67.28% of the stock is currently owned by hedge funds and other institutional investors.
Crane Co. (NYSE:CR) traded up 0.94% during trading on Thursday, hitting $73.32. The stock had a trading volume of 8,638 shares. Crane Co. has a 1-year low of $42.59 and a 1-year high of $78.94. The company has a market capitalization of $4.30 billion, a P/E ratio of 17.17 and a beta of 1.18. The stock’s 50-day moving average price is $73.92 and its 200-day moving average price is $66.52.
Crane (NYSE:CR) last posted its 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. The company had revenue of $694 million for the quarter, compared to analysts’ expectations of $666.89 million. Crane had a return on equity of 20.59% and a net margin of 9.17%. Crane’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. Analysts expect that Crane Co. will post $4.19 earnings per share for the current year.
A number of brokerages have recently issued reports on CR. Stifel Nicolaus boosted their price objective on Crane from $69.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, December 5th. Zacks Investment Research downgraded Crane from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Avondale Partners reissued a “market perform” rating on shares of Crane in a research note on Wednesday, October 12th. Aegis began coverage on Crane in a research note on Friday, December 2nd. They set a “buy” rating and a $85.00 price target on the stock. Finally, Oppenheimer Holdings Inc. began coverage on Crane in a research note on Thursday, November 17th. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $63.46.
In other Crane news, Director Philip R. Lochner sold 2,000 shares of the firm’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 directly owns 2,350 shares in the company, valued at $160,411. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Augustus I. Dupont sold 3,000 shares of the firm’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 owns 93,753 shares of the company’s stock, valued at $6,402,392.37. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.
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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