Crane (NYSE:CR) Releases FY 2024 Earnings Guidance

Crane (NYSE:CR) issued an update on its FY 2024 earnings guidance on Monday morning. 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 Stock Performance

Shares of Crane stock traded up $3.98 during trading on Wednesday, reaching $142.09. The company’s stock had a trading volume of 110,805 shares, compared to its average volume of 238,224. The company has a 50-day moving average price of $130.01 and a two-hundred day moving average price of $115.65. The firm 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. Crane has a fifty-two week low of $67.28 and a fifty-two week high of $143.35. The company has a current ratio of 1.18, a quick ratio of 0.88 and a debt-to-equity ratio of 0.29.

Crane (NYSE:CR) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $546.39 million. Crane had a net margin of 13.10% and a return on equity of 24.45%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 EPS. On average, analysts forecast that Crane will post 7.87 EPS for the current year.

Crane Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Bank of America boosted their price objective on shares of Crane from $110.00 to $140.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Stifel Nicolaus upped their price target on shares of Crane from $150.00 to $157.00 and gave the stock a buy rating in a research note on Wednesday. StockNews.com cut shares of Crane from a buy rating to a hold rating in a research note on Friday, April 19th. Finally, Vertical Research raised shares of Crane from a hold rating to a buy rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $126.40.

Crane Company Profile

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.