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Crane (CR) Surges 3.1%: Is This an Indication of Further Gains?
Crane Company (CR - Free Report) shares rallied 3.1% in the last trading session to close at $146.31. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.7% loss over the past four weeks.
Crane’s rally is largely driven by optimism regarding the company’s strong momentum in the Aerospace & Electronics segment, driven by higher aircraft build rates and continued recovery in airline flight hours. Also, the acquisition of Vian Enterprises bode well for the company.
This maker of aerospace, electronics and engineered industrial products is expected to post quarterly earnings of $1.24 per share in its upcoming report, which represents a year-over-year change of +12.7%. Revenues are expected to be $572.66 million, up 12.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Crane, the consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Crane is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, Ingersoll Rand (IR - Free Report) , finished the last trading session 1.3% higher at $95.50. IR has returned -0.5% over the past month.
Ingersoll's consensus EPS estimate for the upcoming report has changed +1.7% over the past month to $0.77. Compared to the company's year-ago EPS, this represents a change of +13.2%. Ingersoll currently boasts a Zacks Rank of #2 (Buy).