Crane Co. (CR) traded on unusually high volume on Jan. 29, as the stock gained 4.65% to close at $82.82. On the day, Crane Co. saw 693,714 shares trade hands on 7,923 trades. Considering that the stock averages only a daily volume of 345,984 shares a day over the last month, this represents a pretty significant bump in volume over the norm.
Generally speaking, when a stock experiences a sudden spike in trading volume, it may be seen as a bullish signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.
The stock has traded between $102.65 and $67.18 over the last 52-weeks, its 50-day SMA is now $79.41, and its 200-day SMA $85.78. Crane Co. has a P/B ratio of 3.23. It also has a P/E ratio of 22.2.
Crane is a diversified manufacturer of highly engineered industrial products for chemicals, power, oil and gas, aerospace, defense, and other end markets. The company maintains a wide product portfolio of valves, payment acceptance and dispensing products and aerospace components. It has four operating segments: fluid handling ( largest segment in terms of net sales), payment and merchandising technologies, aerospace and electronics, and engineered materials. Crane provides maintenance and repairs with global service centers and technicians to offer technical expertise. The majority of total revenue derives from the United States, but the company does have a material footprint in Canada and Europe.
Headquartered in Stamford, CT, Crane Co. has 10,600 employees and is currently under the leadership of CEO Max H. Mitchell.