Lord Abbett & CO. LLC Buys 43,439 Shares of Crane NXT, Co. (NYSE:CXT)

Lord Abbett & CO. LLC raised its stake in Crane NXT, Co. (NYSE:CXT) by 12.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 396,152 shares of the company’s stock after acquiring an additional 43,439 shares during the quarter. Lord Abbett & CO. LLC owned about 0.69% of Crane NXT worth $22,224,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. FORA Capital LLC acquired a new position in shares of Crane NXT in the third quarter valued at approximately $507,000. SG Americas Securities LLC acquired a new position in Crane NXT in the 2nd quarter valued at $748,000. D.A. Davidson & CO. increased its position in Crane NXT by 20.7% during the 3rd quarter. D.A. Davidson & CO. now owns 156,739 shares of the company’s stock worth $8,793,000 after buying an additional 26,841 shares during the period. Radnor Capital Management LLC acquired a new stake in shares of Crane NXT during the third quarter worth $948,000. Finally, Victory Capital Management Inc. boosted its position in shares of Crane NXT by 2.8% in the third quarter. Victory Capital Management Inc. now owns 1,218,761 shares of the company’s stock valued at $68,372,000 after acquiring an additional 33,664 shares during the period. 77.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CXT has been the subject of several analyst reports. DA Davidson reiterated a “buy” rating and issued a $100.00 price objective on shares of Crane NXT in a research note on Monday, September 30th. Northland Securities dropped their price target on shares of Crane NXT from $96.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Robert W. Baird increased their price target on Crane NXT from $77.00 to $78.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Baird R W raised Crane NXT to a “strong-buy” rating in a report on Thursday, October 17th.

Crane NXT Price Performance

CXT stock opened at $59.84 on Monday. The company’s 50-day moving average price is $57.58 and its two-hundred day moving average price is $58.41. The firm has a market cap of $3.42 billion, a P/E ratio of 19.62 and a beta of 1.34. The company has a quick ratio of 1.01, a current ratio of 1.38 and a debt-to-equity ratio of 0.60. Crane NXT, Co. has a 12 month low of $52.08 and a 12 month high of $64.80.

Crane NXT (NYSE:CXT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Crane NXT had a net margin of 12.18% and a return on equity of 23.46%. The business had revenue of $403.50 million for the quarter, compared to analysts’ expectations of $392.44 million. During the same period last year, the firm posted $1.09 earnings per share. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Crane NXT, Co. will post 4.26 earnings per share for the current fiscal year.

Crane NXT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Friday, November 29th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.07%. Crane NXT’s dividend payout ratio (DPR) is currently 20.98%.

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.