Should You Initiate a Position in Crane Company (CR)?

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while energy and utility sectors detracted. Overall stock selection improved performance on a relative basis while sector allocation had a negative impact. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Strategy highlighted stocks like Crane Company (NYSE:CR) in the second quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Crane Company (NYSE:CR) manufactures and sells aerospace, electronics & engineered industrial products. On September 19, 2023, Crane Company (NYSE:CR) stock closed at $86.46 per share. One-month return of Crane Company (NYSE:CR) was -1.06%, and its shares gained 7.04% of their value over the last three months. Crane Company (NYSE:CR) has a market capitalization of $4.909 billion.

ClearBridge Small Cap Strategy made the following comment about Crane Company (NYSE:CR) in its Q2 2023 investor letter:

“We initiated a position in Crane Company (NYSE:CR), in the industrials sector, which then split into two separate companies, Crane and Crane NXT, both of which we retained. Under the split, Crane will continue to be a diversified manufacturer of highly engineered industrial products for the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials industries. Crane NXT designs and manufactures banknotes for over 50 central banks, including the Fed. It is also the market leader in currency, coin and credit card payment devices in self-service retail machines, vending machines and back-office cash processing equipment. We believe both Crane NXT and Crane Company were undervalued within the former consolidated Crane, based on their strong competitive advantages and incremental returns on capital.”

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Crane Company (NYSE:CR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. We discussed Crane Company (NYSE:CR) in another article and shared SouthernSun Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.