Crown (NYSE:CCK) Rating Increased to Buy at Goldman Sachs Group

Goldman Sachs Group upgraded shares of Crown (NYSE:CCK) from a neutral rating to a buy rating in a report released on Monday morning, BenzingaRatingsTable reports. They currently have $61.00 target price on the industrial products company’s stock, down from their prior target price of $78.00.

Several other research firms have also issued reports on CCK. Barclays upped their target price on Crown from $88.00 to $91.00 and gave the company an overweight rating in a report on Thursday, February 6th. Robert W. Baird upped their target price on Crown from $75.00 to $100.00 and gave the company an outperform rating in a report on Thursday, February 6th. They noted that the move was a valuation call. Citigroup reduced their target price on Crown from $93.00 to $83.00 and set a buy rating for the company in a report on Wednesday, March 11th. ValuEngine raised Crown from a sell rating to a hold rating in a report on Tuesday, March 3rd. Finally, Morgan Stanley reduced their target price on Crown from $78.00 to $63.00 and set an equal weight rating for the company in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Crown presently has an average rating of Buy and a consensus price target of $78.91.

Shares of CCK opened at $58.06 on Monday. The company has a debt-to-equity ratio of 3.81, a quick ratio of 0.61 and a current ratio of 1.03. The stock has a 50 day moving average price of $69.02 and a two-hundred day moving average price of $70.31. The firm has a market capitalization of $7.34 billion, a P/E ratio of 10.58, a P/E/G ratio of 1.43 and a beta of 1.31. Crown has a 52 week low of $42.97 and a 52 week high of $80.57.

Crown (NYSE:CCK) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.09. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.72 billion. Crown had a return on equity of 37.68% and a net margin of 4.37%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.00 EPS. On average, equities analysts forecast that Crown will post 5.4 earnings per share for the current year.

Crown declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 10th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC grew its holdings in Crown by 2.0% during the fourth quarter. FMR LLC now owns 7,111,148 shares of the industrial products company’s stock valued at $515,842,000 after purchasing an additional 142,012 shares during the period. Lyrical Asset Management LP grew its holdings in Crown by 0.5% during the fourth quarter. Lyrical Asset Management LP now owns 4,767,161 shares of the industrial products company’s stock valued at $345,810,000 after purchasing an additional 23,547 shares during the period. William Blair Investment Management LLC grew its holdings in Crown by 1.9% during the fourth quarter. William Blair Investment Management LLC now owns 3,083,877 shares of the industrial products company’s stock valued at $223,704,000 after purchasing an additional 57,217 shares during the period. State Street Corp grew its holdings in Crown by 2.4% during the third quarter. State Street Corp now owns 2,958,648 shares of the industrial products company’s stock valued at $195,448,000 after purchasing an additional 69,238 shares during the period. Finally, Maverick Capital Ltd. bought a new position in Crown during the fourth quarter valued at $205,314,000. 90.46% of the stock is owned by institutional investors and hedge funds.

Crown Company Profile

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.

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Analyst Recommendations for Crown (NYSE:CCK)

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