Crane (NYSE:CR) Updates FY24 Earnings Guidance

Crane (NYSE:CR) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.95-$5.15 for the period, compared to the consensus estimate of $5.01. The company issued revenue guidance of $2.31 billion, compared to the consensus revenue estimate of $2.31 billion. Crane also updated its FY 2024 guidance to 4.950-5.150 EPS.

Crane Stock Up 4.1 %

Shares of CR traded up $6.24 on Wednesday, reaching $157.66. The stock had a trading volume of 55,222 shares, compared to its average volume of 238,480. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of 40.65, a price-to-earnings-growth ratio of 1.93 and a beta of 0.81. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.88 and a current ratio of 1.18. The company has a 50-day simple moving average of $146.69 and a 200-day simple moving average of $136.33. Crane has a 12-month low of $82.57 and a 12-month high of $162.28.

Crane (NYSE:CR) last released its earnings results on Monday, July 29th. The conglomerate reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.06. The company had revenue of $581.00 million during the quarter, compared to analysts’ expectations of $568.33 million. Crane had a return on equity of 24.45% and a net margin of 13.10%. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.10 EPS. Sell-side analysts predict that Crane will post 7.87 EPS for the current year.

Crane Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Friday, August 30th. Crane’s payout ratio is 21.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CR. Bank of America lifted their price objective on Crane from $140.00 to $165.00 and gave the company a buy rating in a research note on Wednesday, May 29th. Stifel Nicolaus lifted their price objective on Crane from $157.00 to $168.00 and gave the company a buy rating in a research note on Thursday, July 18th. UBS Group lifted their target price on Crane from $120.00 to $152.00 and gave the stock a neutral rating in a report on Wednesday, May 15th. StockNews.com raised Crane from a hold rating to a buy rating in a report on Saturday, April 27th. Finally, DA Davidson lifted their target price on Crane from $142.00 to $160.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Crane has a consensus rating of Moderate Buy and a consensus target price 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.