Crown (NYSE:CCK) Reaches New 1-Year High – Still a Buy?

Crown Holdings, Inc. (NYSE:CCK)’s stock price reached a new 52-week high during trading on Monday. The stock traded as high as $122.97 and last traded at $122.89, with a volume of 363,148 shares changing hands. The stock had previously closed at $119.24.

Analyst Ratings Changes

CCK has been the topic of a number of recent research reports. Weiss Ratings upgraded Crown from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. upgraded Crown from a “neutral” rating to an “overweight” rating and set a $121.00 target price for the company in a research note on Friday, September 18th. Robert W. Baird raised their target price on Crown from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Bank of America raised their target price on Crown from $129.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Mizuho upped their price target on Crown from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Crown currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.47.

Crown Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.71 and a debt-to-equity ratio of 1.65. The stock has a market cap of $13.31 billion, a PE ratio of 17.15, a P/E/G ratio of 1.49 and a beta of 0.54. The company’s 50 day moving average is $112.79 and its 200-day moving average is $108.45.

Crown (NYSE:CCK) last posted its quarterly earnings data on Monday, October 19th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.13. Crown had a net margin of 5.78% and a return on equity of 27.41%. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same period in the prior year, the company posted $2.24 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Crown Holdings, Inc. will post 8.41 earnings per share for the current year.

Crown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, November 5th. Crown’s dividend payout ratio is presently 19.50%.

Hedge Funds Weigh In On Crown

Several institutional investors and hedge funds have recently made changes to their positions in the business. Reynders McVeigh Capital Management LLC raised its holdings in shares of Crown by 3.2% during the second quarter. Reynders McVeigh Capital Management LLC now owns 355,461 shares of the industrial products company’s stock valued at $39,748,000 after buying an additional 10,983 shares during the last quarter. Corient Private Wealth LP grew its holdings in Crown by 10.5% in the 2nd quarter. Corient Private Wealth LP now owns 185,288 shares of the industrial products company’s stock worth $20,719,000 after buying an additional 17,600 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Crown by 57.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 311,135 shares of the industrial products company’s stock worth $31,192,000 after buying an additional 114,000 shares in the last quarter. Nykredit A S acquired a new stake in Crown in the 2nd quarter valued at approximately $70,709,000. Finally, AIA Group Ltd acquired a new stake in Crown in the 1st quarter valued at approximately $1,752,000. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Crown Company Profile

Crown Holdings, Inc (NYSE: CCK) is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown’s products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.