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There’s been a sharp divergence this year between industrials, which were hit hard in March but have largely come back, and aerospace companies which were hit hard in March and have basically stayed down ever since. While Crane (CR) is undeniably leveraged to aerospace (it was the company’s highest-margin business by far) and also leveraged to consumer/leisure more than most multi-industrials, the nearly 40% year-to-date decline in Crane’s share price seems excessive to me.
To be sure, I do have some concerns about Crane. I’m concerned that the Fluid Handling doesn’t earn the