Back to top
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Lindsay Corporation (LNN) - $25 value - yours FREE >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Lindsay Corporation (LNN) - $25 value - yours FREE >>
Image: Bigstock
Crane Holdings (CR) Announces Divestiture of Redco Corporation
Crane Holdings (CR - Free Report) has divested Redco Corporation, a subsidiary holding all asbestos liabilities and related insurance assets, to long-term liability management company, Spruce Lake Liability Management Holdco.
At closing of the transaction, Crane Holdings paid approximately $550 million in cash to Redco, while Spruce Lake made a capital contribution of $83 million. CR financed its contribution using short-term debt and cash on hand.
By removing all asbestos-related liabilities and obligations from CR’s balance sheet, the transaction will increase its annual free cash flow and thus aid in long-term value creation for stakeholders. The divestiture will allow CR to focus more on its core business areas.
Crane Holdings, Co. Price
Crane Holdings, Co. price | Crane Holdings, Co. Quote
As a result of the divestiture, Crane Holdings will incur an estimated one-time after-tax loss of approximately $170 million in the third quarter of 2022. This charge will be excluded from adjusted earnings per share.
Crane Holdings’ president and chief executive officer, Max Mitchell, said, “The transaction will also give us substantially more flexibility to optimize the capital structures for post-separation Crane Company and Crane NXT in a manner that positions both companies for growth and value creation."
Zacks Rank & Key Picks
Crane Holdings carries a Zacks Rank #3 (Hold).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Lindsay Corporation (LNN - Free Report) sports a Zacks Rank #1 (Strong Buy). LNN pulled a trailing four-quarter earnings surprise of 25.6%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Lindsay Corporation has an estimated earnings growth rate of 44.1% for the current year. Shares of the company have rallied 28% in the past six months.
Greif, Inc. (GEF - Free Report) presently carries a Zacks Rank #2 (Buy). GEF delivered a trailing four-quarter earnings surprise of 22.9%, on average.
Greif has an estimated earnings growth rate of 36.8% for the current year. Shares of the company have gained 20.7% in the past six months.