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Crane Holdings (CR) Up 13.6% in 6 Months: What's Driving It?
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Crane Holdings, Co. (CR - Free Report) shares have gained 13.6% in the past six months, outperforming the industry’s 12.6% increase.
Image Source: Zacks Investment Research
Let’s look into the factors driving this presently Zacks Rank #2 (Buy) player.
What’s Aiding CR?
Crane Holdings is benefitting from improving order trends, investment in technology, efforts to develop products and focus on commercial excellence. CR’s Payment & Merchandising Technologies segment is gaining from strength across crane-payment innovations. Its robust commercial aerospace and commercial aftermarket businesses are supporting the Aerospace & Electronics segment. Broad-based strength across the end markets, including RV and building materials are driving the Engineered Materials segment.
The company divested from Redco Corporation in August 2022. It allows CR to focus more on its core business areas. Also, by removing all asbestos-related liabilities and obligations from Crane Holdings’ balance sheet, the transaction will increase its annual free cash flow, creating long-term value for its stakeholders.
Crane Holdings’ consistent measures to reward its shareholders through dividends and share buybacks also boosted the stock’s performance. The company paid out dividends worth $79.5 million and repurchased shares of $203.7 million in the first nine months of 2022. The board also announced a 9% hike in its quarterly dividend rate in January 2022.
Other Stocks to Consider
Some other top-ranked companies from the Industrial Products sector are discussed below:
Image: Bigstock
Crane Holdings (CR) Up 13.6% in 6 Months: What's Driving It?
Crane Holdings, Co. (CR - Free Report) shares have gained 13.6% in the past six months, outperforming the industry’s 12.6% increase.
Image Source: Zacks Investment Research
Let’s look into the factors driving this presently Zacks Rank #2 (Buy) player.
What’s Aiding CR?
Crane Holdings is benefitting from improving order trends, investment in technology, efforts to develop products and focus on commercial excellence. CR’s Payment & Merchandising Technologies segment is gaining from strength across crane-payment innovations. Its robust commercial aerospace and commercial aftermarket businesses are supporting the Aerospace & Electronics segment. Broad-based strength across the end markets, including RV and building materials are driving the Engineered Materials segment.
The company divested from Redco Corporation in August 2022. It allows CR to focus more on its core business areas. Also, by removing all asbestos-related liabilities and obligations from Crane Holdings’ balance sheet, the transaction will increase its annual free cash flow, creating long-term value for its stakeholders.
Crane Holdings’ consistent measures to reward its shareholders through dividends and share buybacks also boosted the stock’s performance. The company paid out dividends worth $79.5 million and repurchased shares of $203.7 million in the first nine months of 2022. The board also announced a 9% hike in its quarterly dividend rate in January 2022.
Other Stocks to Consider
Some other top-ranked companies from the Industrial Products sector are discussed below:
MRC Global Inc. (MRC - Free Report) presently sports a Zacks Rank #1 (Strong Buy). MRC’s earnings surprise in the last four quarters was 103%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, MRC Global’s earnings estimates have increased 16.2% for 2022. The stock has rallied 15.6% in the past six months.
Xylem Inc. (XYL - Free Report) presently has a Zacks Rank of 2. XYL’s earnings surprise in the last four quarters was 13.3%, on average.
In the past 60 days, Xylem’s earnings estimates have increased 5% for 2022. The stock has rallied 39.6% in the past six months.
EnerSys (ENS - Free Report) delivered an average four-quarter earnings surprise of 2.1%. ENS presently carries a Zacks Rank of 2.
ENS’ earnings estimates have increased 0.6% for fiscal 2023 in the past 60 days. The stock has gained 25.7% in the past six months.