Key Reasons to Hold on to Crane Holdings (CR) Stock for Now
Crane Holdings, Co. CR is benefiting from improving order trends, investment in technology, efforts to develop products and focus on commercial excellence despite inflationary pressures, forex woes and supply-chain disturbances.
Crane Holdings’ Process Flow Technologies segment is being aided by strength across its high-efficiency motors, non-clog pump and municipal wastewater applications product portfolio. Robust commercial aerospace and commercial aftermarket businesses are supporting the Aerospace & Electronics segment’s performance. Growth in transportation and building product revenues is driving the Engineered Materials segment.
Crane Holdings divested Redco Corporation in August 2022, which allows CR to focus more on its core business areas. Also, by removing all asbestos-related liabilities and obligations from CR’s balance sheet, the transaction will increase its annual free cash flow, aiding in long-term value creation for its stakeholders.
CR’s efforts to reward its shareholders through dividend payments and share buybacks are encouraging. In 2022, Crane Holdings paid out dividends worth $105.9 million and repurchased shares of $203.7 million. The board also announced a 9% hike in its quarterly dividend rate in January 2022.
In light of the above-mentioned positives, we believe, investors should retain Crane Holdings’ stock for now, as suggested by its current Zacks Rank #3 (Hold). In the past six months, the stock has rallied 28.9%.
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Stocks to Consider
Some better-ranked companies from the Industrial Products sector are discussed below:
Deere & Company DE presently sports a Zacks Rank #1 (Strong Buy). DE’s earnings surprise in the last four quarters was 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, estimates for Deere & Company’s fiscal 2023 earnings have increased 8.7%. The stock has rallied 16.3% in the past six months.
Alamo Group Inc. ALG presently sports a Zacks Rank of 1. ALG’s earnings surprise in the last four quarters was 6.0%, on average.
In the past 60 days, estimates for Alamo’s fiscal 2023 earnings have increased 7.5%. The stock has gained 46.6% in the past six months.
Allegion plc ALLE presently carries a Zacks Rank #2 (Buy). ALLE’s earnings surprise in the last four quarters was 10.3%, on average.
In the past 60 days, estimates for Allegion’s fiscal 2023 earnings have increased 4.1%. The stock has gained 18% in the past six months.
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Deere & Company (DE) : Free Stock Analysis Report
Alamo Group, Inc. (ALG) : Free Stock Analysis Report
Crane Holdings, Co. (CR) : Free Stock Analysis Report
Allegion PLC (ALLE) : Free Stock Analysis Report
