Crane Company (NYSE:CR) is one of the best industrial machinery stocks to buy according to analysts. On June 9, Stifel analysts reiterated their Hold rating on Crane Company (NYSE:CR) while raising their price target from $150 to $165.
Notably, the update follows a deal that Crane Company struck to acquire Precision Sensors & Instrumentation (PSI). PSI is well known for its sensor-based technology applications in the industrial, nuclear, and aerospace sectors. By acquiring PSI, Crane Company aims to expand its portfolio in the sensor technology sector, which is essential for many high-precision industries.
The agreement is valued at $1.06 billion, including anticipated tax savings, with an estimated net present value of approximately $90 million. Following the acquisition, Crane Company is expected to have financial leverage thanks to these tax advantages.
Crane Company is a leading manufacturer of industrial products. The company operates through four segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials.
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