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.

Analyst Ratings Changes

Several research firms recently weighed in on CR. Stifel Nicolaus raised their price objective on Crane from $150.00 to $157.00 and gave the company a buy rating in a research note on Wednesday. Vertical Research raised Crane from a hold rating to a buy rating in a research note on Wednesday. DA Davidson raised their price objective on Crane from $142.00 to $160.00 and gave the company a buy rating in a research note on Wednesday. Bank of America raised their price objective on Crane from $110.00 to $140.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Finally, StockNews.com downgraded Crane from a buy rating to a hold rating in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Crane has an average rating of Moderate Buy and an average target price of $137.00.

Crane Price Performance

Crane stock traded up $1.86 during mid-day trading on Thursday, hitting $143.99. 400,763 shares of the company were exchanged, compared to its average volume of 245,201. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.18 and a quick ratio of 0.88. The business’s 50 day simple moving average is $130.37 and its two-hundred day simple moving average is $115.83. The company has a market capitalization of $8.22 billion, a P/E ratio of 39.02, a PEG ratio of 1.93 and a beta of 1.49. Crane has a 12-month low of $67.28 and a 12-month high of $145.80.

Crane (NYSE:CR) last released its quarterly earnings results on Monday, April 22nd. The conglomerate reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. The company 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%. Crane’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. Analysts forecast that Crane will post 7.87 earnings per share for the current fiscal year.

Crane Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Thursday, May 30th. Crane’s dividend payout ratio (DPR) is 22.22%.

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.