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

Crane (NYSE:CR) issued its earnings results on Monday. The conglomerate reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.06, Briefing.com reports. Crane had a return on equity of 24.45% and a net margin of 13.10%. The firm had revenue of $581.00 million for the quarter, compared to analyst estimates of $568.33 million. During the same quarter in the prior year, the firm earned $1.10 earnings per share. Crane’s revenue for the quarter was up 14.0% on a year-over-year basis. Crane updated its FY24 guidance to $4.95-$5.15 EPS and its FY 2024 guidance to 4.950-5.150 EPS.

Crane Price Performance

NYSE:CR traded up $9.00 during trading hours on Wednesday, reaching $160.42. 274,440 shares of the company’s stock were exchanged, compared to its average volume of 239,981. 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 company has a market capitalization of $9.17 billion, a P/E ratio of 43.01, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81. Crane has a 12 month low of $82.57 and a 12 month high of $162.28. The business’s 50-day simple moving average is $146.69 and its two-hundred day simple moving average is $136.33.

Crane Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 30th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Friday, August 30th. Crane’s payout ratio is 21.98%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. UBS Group lifted their price target on shares of Crane from $120.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, May 15th. DA Davidson increased their target price on shares of Crane from $142.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. StockNews.com upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Saturday, April 27th. Vertical Research upgraded Crane from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Finally, Stifel Nicolaus raised their target price on Crane from $157.00 to $168.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $145.50.

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.