State Board of Administration of Florida Retirement System reduced its stake in shares of Crane Co. (NYSE:CR) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,103 shares of the conglomerate’s stock after selling 1,190 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Crane worth $6,206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CR. KBC Group NV acquired a new position in Crane during the second quarter worth $156,000. Sageworth Trust Co lifted its stake in Crane by 466.7% during the third quarter. Sageworth Trust Co now owns 1,700 shares of the conglomerate’s stock worth $167,000 after purchasing an additional 1,400 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in Crane during the third quarter worth $221,000. Fruth Investment Management acquired a new position in Crane during the third quarter worth $226,000. Finally, Paloma Partners Management Co acquired a new position in Crane during the second quarter worth $229,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

A number of research analysts have commented on CR shares. Zacks Investment Research cut Crane from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Stifel Nicolaus upped their price objective on Crane from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Finally, UBS Group upped their price objective on Crane from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $108.13.

In related news, VP Kristian Robert Salovaara sold 13,367 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $89.53, for a total value of $1,196,747.51. Following the transaction, the vice president now owns 34,863 shares of the company’s stock, valued at $3,121,284.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Louis V. Pinkham sold 4,400 shares of the stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $93.15, for a total value of $409,860.00. Following the completion of the transaction, the insider now directly owns 23,545 shares in the company, valued at approximately $2,193,216.75. The disclosure for this sale can be found here. Insiders sold 20,767 shares of company stock worth $1,885,878 in the last three months. 3.00% of the stock is currently owned by corporate insiders.

Shares of Crane stock traded down $2.46 during trading hours on Friday, reaching $79.17. 517,203 shares of the company were exchanged, compared to its average volume of 285,620. Crane Co. has a 1 year low of $78.71 and a 1 year high of $102.65. The company has a current ratio of 1.68, a quick ratio of 1.19 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $4.85 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.44 and a beta of 1.33.

Crane (NYSE:CR) last posted its quarterly earnings data on Monday, October 22nd. The conglomerate reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.16. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $855.87 million. Crane had a return on equity of 23.29% and a net margin of 6.76%. The company’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.13 earnings per share. Sell-side analysts predict that Crane Co. will post 5.89 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, November 29th. Crane’s dividend payout ratio (DPR) is presently 30.91%.

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Crane Company Profile

Crane Co manufactures and sells engineered industrial products worldwide. The company's Fluid Handling segment offers process valves and related products, including 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.

Further Reading: Investing in Growth Stocks

Institutional Ownership by Quarter for Crane (NYSE:CR)

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