Crane (NYSE:CR) Releases FY 2024 Earnings Guidance

Crane (NYSE:CR) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 4.750-5.050 for the period, compared to the consensus estimate of 4.810. The company issued revenue guidance of $2.3 billion-$2.3 billion, compared to the consensus revenue estimate of $2.3 billion. Crane also updated its FY24 guidance to $4.75-5.05 EPS.

Crane Trading Up 2.9 %

Shares of CR stock traded up $3.98 on Wednesday, reaching $142.09. 110,805 shares of the stock were exchanged, compared to its average volume of 238,224. The stock has a 50 day moving average price of $130.01 and a 200 day moving average price of $115.65. The stock has a market cap of $8.11 billion, a PE ratio of 37.47, a P/E/G ratio of 1.93 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. Crane has a one year low of $67.28 and a one year high of $143.35.

Crane (NYSE:CR) last released its quarterly earnings data on Monday, April 22nd. The conglomerate reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $565.30 million during the quarter, compared to the consensus estimate of $546.39 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 earnings per share. Equities research analysts forecast that Crane will post 7.87 EPS for the current fiscal year.

Crane Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 31st will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend is Friday, May 31st. Crane’s dividend payout ratio is presently 22.22%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Bank of America raised their price target on Crane from $110.00 to $140.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Vertical Research upgraded Crane from a hold rating to a buy rating in a research note on Wednesday. StockNews.com downgraded Crane from a buy rating to a hold rating in a research note on Friday, April 19th. Finally, Stifel Nicolaus lifted their target price on Crane from $150.00 to $157.00 and gave the stock a buy rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $126.40.

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.