Crown (CCK) Upgraded to “Hold” at Zacks Investment Research
Crown (NYSE:CCK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Crown Holdings' adjusted earnings per share guidance of $5.15-$5.30 for full-year 2018 includes the impact of persistent elevated freight costs in North America and foreign currency-translation effect. This currency-translation impact was mainly driven by the weakness in the Brazilian reais against the U.S. dollar. Also, higher interest expenses will continue to thwart margins. Political or economic instability in Middle East, South America and Asia may hurt its performance. Moreover, its shares have underperformed the industry over the past year. However, the company is poised to gain from disciplined pricing, cost control, capital allocation and geographic expansion. In addition, strong performance of its Transit Packaging business remains a major growth driver.”
A number of other brokerages also recently weighed in on CCK. Bank of America downgraded shares of Crown from a “buy” rating to a “neutral” rating and cut their price target for the stock from $59.00 to $51.00 in a report on Thursday, July 19th. Citigroup dropped their price objective on shares of Crown from $60.00 to $56.00 and set a “buy” rating on the stock in a report on Friday, July 20th. UBS Group dropped their price objective on shares of Crown from $59.00 to $50.00 and set a “$44.54” rating on the stock in a report on Thursday, July 19th. Royal Bank of Canada reaffirmed a “buy” rating and set a $60.00 price objective on shares of Crown in a report on Friday, July 20th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Crown from $69.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $59.67.
Crown (NYSE:CCK) last issued its quarterly earnings results on Wednesday, July 18th. The industrial products company reported $1.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.58 by ($0.03). The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Crown had a return on equity of 58.64% and a net margin of 3.14%. Crown’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same period last year, the firm posted $1.12 earnings per share. analysts expect that Crown will post 5.23 EPS for the current year.
In other news, Director William S. Urkiel bought 1,500 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were purchased at an average price of $44.30 per share, for a total transaction of $66,450.00. Following the completion of the acquisition, the director now owns 44,094 shares of the company’s stock, valued at $1,953,364.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William S. Urkiel bought 2,500 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was purchased at an average price of $40.25 per share, for a total transaction of $100,625.00. Following the acquisition, the director now directly owns 46,594 shares of the company’s stock, valued at approximately $1,875,408.50. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new stake in Crown in the second quarter worth $187,000. Oppenheimer Asset Management Inc. purchased a new stake in Crown in the second quarter worth $218,000. Cornerstone Wealth Management LLC purchased a new position in Crown during the second quarter valued at $220,000. IBM Retirement Fund purchased a new position in Crown during the first quarter valued at $276,000. Finally, Gideon Capital Advisors Inc. purchased a new position in Crown during the second quarter valued at $280,000. Hedge funds and other institutional investors own 94.69% of the company’s stock.
Crown Company Profile
Crown Holdings, Inc designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. Its primary products include steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage products; and metal vacuum closures, steel crowns and caps.
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