Nordea Investment Management AB reduced its holdings in Crane Co. (NYSE:CR) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 159,952 shares of the conglomerate’s stock after selling 2,101 shares during the period. Nordea Investment Management AB owned 0.27% of Crane worth $13,536,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of CR. Quadrant Capital Group LLC boosted its holdings in Crane by 563.5% in the 1st quarter. Quadrant Capital Group LLC now owns 345 shares of the conglomerate’s stock valued at $28,000 after purchasing an additional 293 shares during the period. Penserra Capital Management LLC acquired a new position in Crane during the 4th quarter worth approximately $34,000. Icon Wealth Partners LLC acquired a new position in Crane during the 1st quarter worth approximately $47,000. Twin Tree Management LP increased its position in Crane by 134.0% during the 1st quarter. Twin Tree Management LP now owns 1,179 shares of the conglomerate’s stock worth $100,000 after purchasing an additional 4,645 shares in the last quarter. Finally, First Interstate Bank acquired a new position in Crane during the 1st quarter worth approximately $110,000. Hedge funds and other institutional investors own 69.48% of the company’s stock.
In other news, Director James L. L Tullis bought 1,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $78.13 per share, for a total transaction of $78,130.00. Following the completion of the acquisition, the director now directly owns 1,110 shares in the company, valued at approximately $86,724.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.39% of the company’s stock.
Crane (NYSE:CR) last announced its earnings results on Monday, April 29th. The conglomerate reported $1.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.06. The company had revenue of $831.70 million during the quarter, compared to the consensus estimate of $792.39 million. Crane had a net margin of 10.34% and a return on equity of 24.49%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.31 earnings per share. As a group, research analysts anticipate that Crane Co. will post 6.4 earnings per share for the current year.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research cut shares of Inflarx from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Buckingham Research decreased their price target on shares of Crane from $102.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Finally, UBS Group restated a “buy” rating and issued a $70.00 price target on shares of Lumentum in a research report on Thursday, April 11th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $93.02.
Crane Co manufactures and sells engineered industrial products in the United States and internationally. The company's Fluid Handling segment provides on/off valves and related products for application in the chemical, oil and gas, power, and general industrial end markets; valves and related products for the non-residential construction, general industrial, and municipal markets; and pumps and related products for water and wastewater applications in the industrial, municipal, commercial, and military markets.
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