Zacks Investment Research cut shares of Crown (NYSE:CCK) from a buy rating to a hold rating in a research note issued to investors on Monday, Zacks.com reports. Zacks Investment Research currently has $80.00 price target on the industrial products company’s stock.
According to Zacks, “Crown Holdings’ earnings estimates for the current quarter have been stable of late. The company expects adjusted earnings per share in the range of $5.10 to $5.25 for 2020. It will benefit from rising global beverage can demand as consumers are favoring cans over other formats. The company remains poised to capitalize on beverage can demand through capacity additions and building new plants in existing markets as well as strategic acquisitions. The company’s European Food and Asia-Pacific segment will gain from solid demand in the near term. The company is focused on implementing its capacity-expansion projects with strong liquidity and sound capital structure. However, higher raw material costs as well as bleak demand in the transit packaging businesses owing to the pandemic will hurt Crown Holdings’ results in the near term.”
CCK has been the topic of a number of other research reports. Barclays restated a buy rating on shares of Crown in a research report on Thursday, July 23rd. Morgan Stanley boosted their target price on shares of Crown from $63.00 to $74.00 and gave the company an equal weight rating in a research report on Thursday, July 23rd. ValuEngine upgraded shares of Crown from a sell rating to a hold rating in a research report on Thursday, August 13th. Jefferies Financial Group assumed coverage on shares of Crown in a research report on Monday, July 13th. They set a buy rating and a $80.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on shares of Crown from $75.00 to $80.00 and gave the company an overweight rating in a research report on Wednesday, July 22nd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $82.17.
NYSE CCK opened at $76.51 on Monday. The firm has a 50-day moving average of $75.15 and a 200-day moving average of $66.31. The company has a debt-to-equity ratio of 3.60, a quick ratio of 0.65 and a current ratio of 1.15. The stock has a market cap of $10.31 billion, a PE ratio of 21.31, a P/E/G ratio of 2.92 and a beta of 1.29. Crown has a 52-week low of $42.97 and a 52-week high of $80.57.
Crown (NYSE:CCK) last released its quarterly earnings results on Monday, July 20th. The industrial products company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. Crown had a net margin of 4.28% and a return on equity of 32.53%. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the firm earned $1.46 earnings per share. Crown’s revenue for the quarter was down 11.4% compared to the same quarter last year. As a group, analysts predict that Crown will post 5.19 EPS for the current fiscal year.
In other news, insider Didier Sourisseau sold 5,600 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $74.48, for a total value of $417,088.00. Following the completion of the sale, the insider now owns 76,908 shares in the company, valued at approximately $5,728,107.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company’s stock.
Large investors have recently modified their holdings of the stock. Evoke Wealth LLC boosted its holdings in shares of Crown by 8,022.2% in the 2nd quarter. Evoke Wealth LLC now owns 731 shares of the industrial products company’s stock worth $48,000 after buying an additional 722 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Crown by 54.7% in the first quarter. Rockefeller Capital Management L.P. now owns 1,069 shares of the industrial products company’s stock worth $62,000 after buying an additional 378 shares in the last quarter. Berman Capital Advisors LLC increased its position in shares of Crown by 501.7% in the second quarter. Berman Capital Advisors LLC now owns 1,053 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 878 shares during the last quarter. Meeder Asset Management Inc. grew its position in Crown by 1,421.8% during the first quarter. Meeder Asset Management Inc. now owns 1,187 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 1,109 shares during the last quarter. Finally, Private Capital Group LLC grew its position in Crown by 35.5% during the first quarter. Private Capital Group LLC now owns 1,417 shares of the industrial products company’s stock valued at $82,000 after acquiring an additional 371 shares during the last quarter. 88.50% of the stock is currently owned by institutional investors.
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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