Crown (NYSE:CCK) Price Target Raised to $111.00

Crown (NYSE:CCK) had its target price lifted by Citigroup from $110.00 to $111.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Several other research analysts have also commented on the stock. Royal Bank of Canada boosted their price objective on shares of Crown from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial upped their price target on Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a research report on Monday. Bank of America lowered their price objective on Crown from $107.00 to $101.00 and set a “buy” rating for the company in a research report on Monday. Mizuho set a $110.00 target price on Crown in a research report on Friday, October 18th. Finally, Wells Fargo & Company lowered their price target on Crown from $105.00 to $88.00 and set an “equal weight” rating for the company in a report on Monday. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $104.62.

Crown Stock Performance

Shares of NYSE:CCK opened at $79.94 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.21 and a debt-to-equity ratio of 2.19. The company has a market capitalization of $9.56 billion, a price-to-earnings ratio of 98.69, a price-to-earnings-growth ratio of 1.95 and a beta of 0.86. The firm has a 50 day moving average of $88.54 and a 200 day moving average of $87.79. Crown has a 52 week low of $69.61 and a 52 week high of $98.46.

Crown (NYSE:CCK) last issued its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.18. Crown had a return on equity of 24.57% and a net margin of 0.83%. The firm had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. On average, sell-side analysts predict that Crown will post 6.34 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.25%. Crown’s payout ratio is currently 123.46%.

Insider Buying and Selling

In related news, COO Gerard H. Gifford sold 10,000 shares of Crown stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $95.89, for a total transaction of $958,900.00. Following the completion of the transaction, the chief operating officer now directly owns 114,402 shares in the company, valued at approximately $10,970,007.78. This trade represents a 8.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total value of $725,475.00. Following the completion of the sale, the chief executive officer now owns 563,678 shares in the company, valued at approximately $54,524,572.94. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sessa Capital IM L.P. grew its position in shares of Crown by 153.0% during the 2nd quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock valued at $244,697,000 after acquiring an additional 1,989,374 shares during the period. Metropolis Capital Ltd grew its holdings in Crown by 269.7% in the third quarter. Metropolis Capital Ltd now owns 1,455,752 shares of the industrial products company’s stock valued at $139,578,000 after purchasing an additional 1,062,001 shares during the period. Jennison Associates LLC increased its position in shares of Crown by 125.0% in the third quarter. Jennison Associates LLC now owns 1,352,711 shares of the industrial products company’s stock valued at $129,698,000 after buying an additional 751,530 shares in the last quarter. FMR LLC raised its stake in shares of Crown by 9.3% during the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock worth $842,556,000 after buying an additional 749,085 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in shares of Crown by 31.5% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,976,500 shares of the industrial products company’s stock valued at $147,032,000 after buying an additional 473,000 shares in the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Crown Company Profile

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.