Wells Fargo & Company Boosts Crown (NYSE:CCK) Price Target to $84.00

Crown (NYSE:CCK) had its price objective upped by Wells Fargo & Company from $76.00 to $84.00 in a research report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the industrial products company’s stock.

Other research analysts also recently issued research reports about the company. Mizuho dropped their price objective on Crown from $105.00 to $96.00 and set a buy rating on the stock in a report on Tuesday, February 6th. Truist Financial reiterated a hold rating and issued a $88.00 price target (down from $100.00) on shares of Crown in a research note on Wednesday, March 27th. JPMorgan Chase & Co. boosted their price objective on shares of Crown from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday. Wolfe Research began coverage on shares of Crown in a research report on Friday, March 1st. They issued an outperform rating and a $102.00 target price on the stock. Finally, Morgan Stanley initiated coverage on shares of Crown in a research note on Monday, March 18th. They set an equal weight rating and a $87.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $99.29.

Crown Price Performance

CCK stock opened at $82.45 on Wednesday. The business’s 50-day moving average is $78.16 and its two-hundred day moving average is $82.63. The firm has a market capitalization of $9.96 billion, a P/E ratio of 23.76, a P/E/G ratio of 2.79 and a beta of 0.88. Crown has a 1 year low of $69.61 and a 1 year high of $96.35. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.19 and a quick ratio of 0.77.

Crown (NYSE:CCK) last announced its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. The company’s revenue was down 6.4% on a year-over-year basis. During the same period last year, the business earned $1.20 EPS. Analysts anticipate that Crown will post 5.94 earnings per share for the current fiscal year.

Crown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.21%. The ex-dividend date is Thursday, June 13th. Crown’s dividend payout ratio is presently 28.82%.

Insider Buying and Selling at Crown

In other news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the completion of the sale, the chief executive officer now owns 616,178 shares in the company, valued at $52,486,042.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Crown by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 11,825,703 shares of the industrial products company’s stock valued at $1,089,029,000 after purchasing an additional 173,460 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Crown by 7.3% in the fourth quarter. Victory Capital Management Inc. now owns 5,136,706 shares of the industrial products company’s stock valued at $473,039,000 after buying an additional 350,265 shares in the last quarter. FMR LLC grew its holdings in Crown by 8.6% during the third quarter. FMR LLC now owns 3,776,097 shares of the industrial products company’s stock worth $334,109,000 after acquiring an additional 298,766 shares during the period. Massachusetts Financial Services Co. MA raised its position in Crown by 7.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,536,995 shares of the industrial products company’s stock worth $233,632,000 after acquiring an additional 186,387 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in Crown by 41.9% in the third quarter. Toronto Dominion Bank now owns 2,213,904 shares of the industrial products company’s stock valued at $195,886,000 after acquiring an additional 654,082 shares during the period. Hedge funds and other institutional investors own 90.93% of the company’s stock.

About Crown

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.