Bank of America Raises Crown (NYSE:CCK) Price Target to $102.00

Crown (NYSE:CCK) had its price objective boosted by Bank of America from $98.00 to $102.00 in a research note released on Wednesday 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 CCK. Truist Financial boosted their price target on Crown from $88.00 to $95.00 and gave the stock a hold rating in a research report on Wednesday. Citigroup decreased their price target on shares of Crown from $102.00 to $94.00 and set a buy rating for the company in a research report on Monday, July 8th. Loop Capital lifted their price objective on shares of Crown from $106.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday. UBS Group reduced their price objective on shares of Crown from $112.00 to $91.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Finally, Barclays raised their target price on shares of Crown from $95.00 to $100.00 and gave the company an overweight rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $100.21.

Crown Stock Up 0.9 %

NYSE:CCK opened at $85.66 on Wednesday. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 0.77. The firm has a market cap of $10.34 billion, a PE ratio of 24.69, a price-to-earnings-growth ratio of 2.20 and a beta of 0.85. The company has a 50-day moving average of $79.16 and a 200 day moving average of $80.31. Crown has a 1-year low of $69.61 and a 1-year high of $95.31.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.22. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Crown had a net margin of 3.68% and a return on equity of 23.96%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.68 EPS. As a group, research analysts anticipate that Crown will post 6.07 EPS for the current fiscal year.

Crown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.00 annualized dividend and a yield of 1.17%. Crown’s payout ratio is presently 28.82%.

Insider Transactions at Crown

In related news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the transaction, the chief executive officer now owns 608,678 shares in the company, valued at approximately $51,737,630. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the sale, the chief executive officer now directly owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total transaction of $746,370.00. Following the transaction, the director now directly owns 12,884 shares of the company’s stock, valued at approximately $1,068,470.12. The disclosure for this sale can be found here. Insiders sold a total of 54,000 shares of company stock worth $4,575,870 over the last three months. 0.90% of the stock is currently owned by insiders.

Institutional Trading of Crown

Hedge funds have recently modified their holdings of the stock. Iridian Asset Management LLC CT lifted its holdings in Crown by 8.9% in the second quarter. Iridian Asset Management LLC CT now owns 274,459 shares of the industrial products company’s stock valued at $20,417,000 after acquiring an additional 22,438 shares during the period. Leith Wheeler Investment Counsel Ltd. lifted its stake in shares of Crown by 0.7% in the 2nd quarter. Leith Wheeler Investment Counsel Ltd. now owns 115,618 shares of the industrial products company’s stock valued at $8,601,000 after purchasing an additional 850 shares during the period. Bank of New York Mellon Corp boosted its holdings in Crown by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 1,208,711 shares of the industrial products company’s stock worth $89,916,000 after buying an additional 46,871 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in Crown during the second quarter valued at $269,000. Finally, Fifth Third Bancorp increased its holdings in Crown by 36.1% in the second quarter. Fifth Third Bancorp now owns 664 shares of the industrial products company’s stock valued at $49,000 after buying an additional 176 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.