Crane NXT (CXT) Upgraded to Buy: What Does It Mean for the Stock?
Crane NXT (CXT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Crane NXT (CXT) Matches Q2 Earnings Estimates
Crane NXT (CXT) came out with quarterly earnings of $1.06 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.12 per share a year ago.
Wall Street Analysts Believe Crane NXT (CXT) Could Rally 37.61%: Here's is How to Trade
The mean of analysts' price targets for Crane NXT (CXT) points to a 37.6% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
10,066 Shares in Crane NXT, Co. (NYSE:CXT) Acquired by International Assets Investment Management LLC
International Assets Investment Management LLC purchased a new stake in Crane NXT, Co. (NYSE:CXT – Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,066 shares of the company’s stock, valued at approximately $572,000. A number of other institutional investors and hedge funds have also recently modified their holdings of CXT. Hudson Bay Capital Management LP acquired a new position in shares of Crane NXT during the 3rd quarter valued at $3,319,000. Clearbridge Investments LLC acquired a new position in shares of Crane NXT during the third quarter valued at about $10,781,000. Swiss National Bank bought a new position in shares of Crane NXT during the 3rd quarter worth about $5,890,000. Signaturefd LLC acquired a new stake in shares of Crane NXT in the 3rd quarter valued at about $109,000. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in Crane NXT in the 3rd quarter valued at about $610,000. 77.49% of the stock is currently owned by institutional investors. Wall Street Analysts Forecast Growth Several analysts recently issued reports on the stock. DA Davidson lifted their price target on shares of Crane NXT from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Northland Securities began coverage on shares of Crane NXT in a report on Monday, April 8th. They set an “outperform” rating and a $91.00 price objective for the company. Read Our Latest Stock Analysis on Crane NXT Crane NXT Stock Performance Shares of CXT stock opened at $60.41 on Monday. Crane NXT, Co. has a 52 week low of $48.42 and a 52 week high of $63.89. The firm’s 50-day simple moving average is $60.95 and its two-hundred day simple moving average is $57.67. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 19.06 and a beta of 1.36. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.56 and a current ratio of 2.12. Crane NXT (NYSE:CXT – Get Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.01). Crane NXT had a net margin of 13.26% and a return on equity of 25.50%. The firm had revenue of $313.60 million during the quarter, compared to analysts’ expectations of $311.72 million. During the same quarter in the previous year, the company posted $0.96 EPS. Crane NXT’s revenue for the quarter was down 4.7% on a year-over-year basis. As a group, equities analysts forecast that Crane NXT, Co. will post 4.3 earnings per share for the current year. Crane NXT Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 31st will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Friday, May 31st. Crane NXT’s dividend payout ratio (DPR) is currently 20.19%. About Crane NXT (Free Report) Crane NXT, Co operates as an industrial technology company that provides technology solutions to secure, detect, and authenticate customers' important assets. The company operates through Crane Payment Innovations and Crane Currency segments. The Crane Payment Innovations segment offers electronic equipment and associated software, as well as advanced automation solutions, processing systems, field service solutions, remote diagnostics, and productivity software solutions.
Does Crane NXT (CXT) Have the Potential to Rally 41.42% as Wall Street Analysts Expect?
The mean of analysts' price targets for Crane NXT (CXT) points to a 41.4% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
