Crown (NYSE:CCK) Price Target Raised to $118.00

Crown (NYSE:CCK) had its target price increased by Morgan Stanley from $114.00 to $118.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the company. Truist Financial lowered their target price on Crown from $107.00 to $97.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen downgraded Crown from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 14th. Mizuho upped their price target on Crown from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Wells Fargo & Company upped their price target on Crown from $89.00 to $101.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 30th. Finally, Royal Bank Of Canada upped their price objective on Crown from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $111.64.

Crown Price Performance

Shares of NYSE:CCK opened at $103.43 on Wednesday. The company has a quick ratio of 0.56, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Crown has a twelve month low of $70.84 and a twelve month high of $105.38. The stock’s 50 day moving average is $98.02 and its 200-day moving average is $90.25. The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 1.80 and a beta of 0.76.

Crown (NYSE:CCK) last issued its earnings results on Monday, April 28th. The industrial products company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.45. Crown had a return on equity of 26.98% and a net margin of 4.62%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. Crown’s revenue for the quarter was up 3.7% on a year-over-year basis. Sell-side analysts forecast that Crown will post 6.96 EPS for the current fiscal year.

Crown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.04 annualized dividend and a yield of 1.01%. Crown’s dividend payout ratio (DPR) is presently 22.37%.

Insider Buying and Selling at Crown

In other news, COO Gerard H. Gifford sold 7,000 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $97.00, for a total value of $679,000.00. Following the completion of the sale, the chief operating officer now owns 135,014 shares of the company’s stock, valued at $13,096,358. This trade represents a 4.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christy L. Kalaus sold 2,130 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $99.41, for a total value of $211,743.30. Following the completion of the sale, the vice president now directly owns 4,500 shares of the company’s stock, valued at $447,345. The trade was a 32.13% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Crown

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in Crown by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 812,474 shares of the industrial products company’s stock worth $67,183,000 after acquiring an additional 8,739 shares during the last quarter. NewEdge Advisors LLC raised its stake in Crown by 588.0% in the 4th quarter. NewEdge Advisors LLC now owns 5,566 shares of the industrial products company’s stock worth $460,000 after acquiring an additional 4,757 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Crown in the 1st quarter worth $820,000. State of Alaska Department of Revenue raised its stake in Crown by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 13,695 shares of the industrial products company’s stock worth $1,222,000 after acquiring an additional 215 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Crown in the 4th quarter worth $8,466,000. 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.