PNC Financial Services Group Inc. Trims Stock Position in Crane NXT, Co. (NYSE:CXT)

PNC Financial Services Group Inc. reduced its stake in Crane NXT, Co. (NYSE:CXT) by 2.7% during the 4th quarter, HoldingsChannel reports. The firm owned 9,205 shares of the company’s stock after selling 255 shares during the period. PNC Financial Services Group Inc.’s holdings in Crane NXT were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CXT. Acadian Asset Management LLC acquired a new position in Crane NXT in the 3rd quarter valued at $28,000. Assetmark Inc. raised its holdings in Crane NXT by 9,630.0% during the fourth quarter. Assetmark Inc. now owns 973 shares of the company’s stock worth $55,000 after purchasing an additional 963 shares in the last quarter. USA Financial Formulas acquired a new stake in Crane NXT in the third quarter valued at about $105,000. GAMMA Investing LLC purchased a new stake in Crane NXT in the 4th quarter valued at approximately $112,000. Finally, Quest Partners LLC acquired a new position in Crane NXT during the 4th quarter worth approximately $191,000. Hedge funds and other institutional investors own 77.49% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Northland Securities started coverage on Crane NXT in a research note on Monday, April 8th. They issued an “outperform” rating and a $91.00 price target on the stock. DA Davidson upped their price target on shares of Crane NXT from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, March 18th.

Crane NXT Price Performance

Shares of NYSE:CXT opened at $60.10 on Friday. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 18.96 and a beta of 1.35. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.12 and a quick ratio of 1.56. The business’s 50 day simple moving average is $61.53 and its 200-day simple moving average is $59.52. Crane NXT, Co. has a 12 month low of $48.42 and a 12 month high of $64.80.

Crane NXT (NYSE:CXT) last posted its earnings results on Wednesday, May 8th. The company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.01). Crane NXT had a return on equity of 25.50% and a net margin of 13.26%. The firm had revenue of $313.60 million for the quarter, compared to analysts’ expectations of $311.72 million. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Crane NXT, Co. will post 4.3 earnings per share for the current fiscal year.

Crane NXT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 31st were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.64 annualized dividend and a yield of 1.06%. Crane NXT’s dividend payout ratio (DPR) is currently 20.19%.

About Crane NXT

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.