Crown (CCK) Rating Increased to Hold at Zacks Investment Research
According to Zacks, “Crown Holdings projects first-quarter 2019 earnings per share between $1.00 and $1.10.The company will gain from solid global beverage-can demand and geographic expansion. Focus on cost control, realignment of production schedules and disciplined pricing remain growth drivers. However, Crown Holdings' results will be hurt by negative impact of foreign currency-translation. The company will also bear the brunt of fluctuations in the price of raw materials due to tariffs. High level of indebtedness and substantial competition also remain matter of concerns.”
A number of other research firms have also commented on CCK. TheStreet raised Crown from a “c+” rating to a “b-” rating in a research report on Friday, March 1st. Royal Bank of Canada increased their price target on Crown from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Tuesday, February 19th. KeyCorp reissued a “hold” rating on shares of Crown in a research report on Thursday, February 7th. Deutsche Bank set a $60.00 price target on Crown and gave the company a “buy” rating in a research report on Friday, February 8th. Finally, ValuEngine raised Crown from a “sell” rating to a “hold” rating in a research report on Thursday, January 24th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $58.00.
Crown (NYSE:CCK) last issued its earnings results on Wednesday, February 6th. The industrial products company reported $1.00 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.00. Crown had a return on equity of 57.46% and a net margin of 3.94%. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the firm earned $0.79 earnings per share. Crown’s revenue for the quarter was up 26.1% on a year-over-year basis. Equities research analysts anticipate that Crown will post 5.31 earnings per share for the current fiscal year.
In related news, Director John W. Conway sold 129,000 shares of the stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $53.51, for a total transaction of $6,902,790.00. Following the sale, the director now owns 1,155,464 shares of the company’s stock, valued at approximately $61,828,878.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David A. Beaver sold 10,000 shares of the stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $53.24, for a total value of $532,400.00. Following the sale, the vice president now directly owns 21,417 shares in the company, valued at approximately $1,140,241.08. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of CCK. FMR LLC lifted its holdings in Crown by 48.7% during the 4th quarter. FMR LLC now owns 8,692,722 shares of the industrial products company’s stock worth $361,357,000 after purchasing an additional 2,846,721 shares in the last quarter. CI Investments Inc. purchased a new stake in Crown during the 4th quarter worth about $75,973,000. Norges Bank purchased a new stake in Crown during the 4th quarter worth about $69,142,000. TIAA CREF Investment Management LLC lifted its holdings in Crown by 47.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 4,900,973 shares of the industrial products company’s stock worth $235,247,000 after purchasing an additional 1,585,959 shares in the last quarter. Finally, DNB Asset Management AS lifted its holdings in Crown by 4,966.1% during the 4th quarter. DNB Asset Management AS now owns 895,679 shares of the industrial products company’s stock worth $37,233,000 after purchasing an additional 877,999 shares in the last quarter.
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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