Crown Holdings, Inc. (CCK) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Crown Holdings, Inc. (NYSE:CCK) from a hold rating to a buy rating in a report published on Monday morning. The brokerage currently has $67.00 price objective on the industrial products company’s stock.
According to Zacks, “Crown Holdings projects 2017 adjusted diluted earnings per share in the range of $3.90–$4.05. Adjusted diluted earnings per share for the third quarter are projected in the range of $1.35–$1.45. To meet growing beverage can demand, the company intends to build new facilities and is poised to gain from the geographic expansion of its beverage can lines. Additionally, it is poised to gain from potential strategic acquisitions in geographic areas and product lines. Year-to-date, Crown Holdings has outperformed the industry. The company has a positive record of earnings surprises in the last few quarters.”
A number of other analysts also recently issued reports on the stock. Royal Bank Of Canada reissued a buy rating and set a $62.00 target price on shares of Crown Holdings in a research report on Monday, June 5th. ValuEngine cut shares of Crown Holdings from a buy rating to a hold rating in a research report on Saturday, June 10th. BidaskClub cut shares of Crown Holdings from a strong-buy rating to a buy rating in a research report on Saturday, June 10th. Jefferies Group LLC reiterated a buy rating and set a $70.00 price objective (up from $63.00) on shares of Crown Holdings in a research note on Friday, July 14th. Finally, Deutsche Bank AG reiterated a hold rating and set a $61.00 price objective (up from $58.00) on shares of Crown Holdings in a research note on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $64.56.
Crown Holdings (NYSE:CCK) opened at 59.80 on Monday. Crown Holdings has a 1-year low of $51.57 and a 1-year high of $61.39. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 17.13 and a beta of 1.40. The stock has a 50 day moving average of $59.08 and a 200 day moving average of $57.50.
Crown Holdings (NYSE:CCK) last released its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.15 billion. Crown Holdings had a return on equity of 66.28% and a net margin of 5.81%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $1.19 EPS. Equities analysts expect that Crown Holdings will post $4.03 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of CCK. Toronto Dominion Bank boosted its stake in shares of Crown Holdings by 12.1% in the second quarter. Toronto Dominion Bank now owns 1,715 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 185 shares during the period. Creative Planning grew its holdings in Crown Holdings by 1.3% during the 2nd quarter. Creative Planning now owns 1,755 shares of the industrial products company’s stock valued at $105,000 after purchasing an additional 23 shares in the last quarter. Cadence Capital Management LLC purchased a new stake in Crown Holdings during the 1st quarter worth $200,000. Two Sigma Securities LLC purchased a new stake in Crown Holdings during the 1st quarter worth $207,000. Finally, Achmea Investment Management B.V. purchased a new stake in Crown Holdings during the 1st quarter worth $227,000. 90.12% of the stock is currently owned by institutional investors and hedge funds.
Crown Holdings Company Profile
Crown Holdings, Inc is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company’s business is organized within three divisions: Americas, Europe and Asia Pacific. Within each division, the Company is organized along product lines. The Company’s segments within the Americas Division are Americas Beverage and North America Food.
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