Crown (NYSE:CCK) Price Target Raised to $110.00 at Citigroup

Crown (NYSE:CCK) had its target price raised by analysts at Citigroup from $100.00 to $110.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective indicates a potential upside of 17.98% from the stock’s current price.

Other analysts also recently issued research reports about the company. Barclays boosted their price objective on Crown from $95.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley boosted their price objective on Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Royal Bank of Canada restated an “outperform” rating and set a $105.00 price objective on shares of Crown in a report on Tuesday, September 24th. UBS Group cut their price objective on Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, Loop Capital boosted their price objective on Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Crown presently has an average rating of “Moderate Buy” and a consensus target price of $101.86.

Crown Stock Performance

CCK stock opened at $93.24 on Wednesday. The company has a market capitalization of $11.26 billion, a P/E ratio of 26.87, a PEG ratio of 2.26 and a beta of 0.85. The company has a 50-day simple moving average of $89.99 and a 200 day simple moving average of $83.11. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $96.74. The company has a quick ratio of 0.73, a current ratio of 1.05 and a debt-to-equity ratio of 2.00.

Crown (NYSE:CCK) last issued its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.59 by $0.22. Crown had a net margin of 3.68% and a return on equity of 23.96%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the previous year, the business earned $1.68 earnings per share. Crown’s revenue for the quarter was down 2.2% compared to the same quarter last year. Sell-side analysts predict that Crown will post 6.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James H. Miller sold 1,006 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the transaction, the director now owns 12,424 shares in the company, valued at $1,187,734.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $90.58, for a total transaction of $679,350.00. Following the transaction, the chief executive officer now owns 578,678 shares in the company, valued at $52,416,653.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James H. Miller sold 1,006 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total value of $96,173.60. Following the transaction, the director now owns 12,424 shares in the company, valued at approximately $1,187,734.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,006 shares of company stock worth $2,694,849. 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 stock. Sessa Capital IM L.P. grew its stake in shares of Crown by 153.0% in the second quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after acquiring an additional 1,989,374 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in shares of Crown in the first quarter worth $119,167,000. AQR Capital Management LLC grew its stake in shares of Crown by 121.7% in the second quarter. AQR Capital Management LLC now owns 736,478 shares of the industrial products company’s stock worth $54,787,000 after acquiring an additional 404,250 shares during the last quarter. Metropolis Capital Ltd acquired a new stake in shares of Crown in the second quarter worth $29,291,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Crown in the first quarter worth $29,981,000. Institutional investors and hedge funds 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.