Zacks Investment Research upgraded shares of Crown (NYSE:CCK) from a sell rating to a hold rating in a report published on Friday.
According to Zacks, “Crown Holdings' adjusted earnings per share guidance of $5.15-$5.30 for full-year 2018 includes the impact of persistent elevated freight costs in North America and foreign currency-translation effect. This currency-translation impact was mainly driven by the weakness in the Brazilian reais against the U.S. dollar. Also, higher interest expenses will continue to thwart margins. Political or economic instability in Middle East, South America and Asia may hurt its performance. Moreover, its shares have underperformed the industry over the past year. However, the company is poised to gain from disciplined pricing, cost control, capital allocation and geographic expansion. In addition, strong performance of its Transit Packaging business remains a major growth driver.”
Other equities analysts have also recently issued research reports about the company. UBS Group lowered their target price on Crown from $59.00 to $50.00 and set a $44.54 rating on the stock in a research note on Thursday, July 19th. JPMorgan Chase & Co. lowered their target price on Crown from $69.00 to $68.00 and set a buy rating on the stock in a research note on Monday, July 23rd. Royal Bank of Canada reaffirmed a buy rating and set a $60.00 target price on shares of Crown in a research note on Friday, July 20th. Citigroup lowered their target price on Crown from $60.00 to $56.00 and set a buy rating on the stock in a research note on Friday, July 20th. Finally, Bank of America lifted their target price on Crown from $51.00 to $57.00 and gave the company a hold rating in a research note on Monday, September 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $59.67.
Shares of CCK opened at $49.91 on Friday. The stock has a market capitalization of $6.49 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.32 and a beta of 1.37. Crown has a 1-year low of $40.09 and a 1-year high of $62.27. The company has a debt-to-equity ratio of 8.12, a quick ratio of 0.69 and a current ratio of 1.18.
Crown (NYSE:CCK) last released its earnings results on Wednesday, July 18th. The industrial products company reported $1.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.03). Crown had a net margin of 3.14% and a return on equity of 58.64%. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period last year, the firm earned $1.12 EPS. The company’s revenue was up 41.0% compared to the same quarter last year. As a group, equities analysts forecast that Crown will post 5.21 EPS for the current year.
In other news, Director William S. Urkiel purchased 2,500 shares of the stock in a transaction that occurred on Friday, August 17th. The stock was acquired at an average price of $40.25 per share, with a total value of $100,625.00. Following the purchase, the director now owns 46,594 shares in the company, valued at approximately $1,875,408.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William S. Urkiel purchased 1,500 shares of the stock in a transaction that occurred on Thursday, August 2nd. The stock was purchased at an average cost of $44.30 per share, with a total value of $66,450.00. Following the purchase, the director now owns 44,094 shares in the company, valued at approximately $1,953,364.20. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Crown by 15.3% in the 1st quarter. BlackRock Inc. now owns 7,945,196 shares of the industrial products company’s stock valued at $403,218,000 after buying an additional 1,054,407 shares in the last quarter. FMR LLC grew its stake in shares of Crown by 478.0% in the 2nd quarter. FMR LLC now owns 3,515,309 shares of the industrial products company’s stock valued at $157,345,000 after buying an additional 2,907,112 shares in the last quarter. Boston Partners grew its stake in shares of Crown by 2.1% in the 2nd quarter. Boston Partners now owns 3,204,988 shares of the industrial products company’s stock valued at $143,455,000 after buying an additional 66,751 shares in the last quarter. Cooke & Bieler LP grew its stake in shares of Crown by 33.2% in the 2nd quarter. Cooke & Bieler LP now owns 2,985,433 shares of the industrial products company’s stock valued at $133,628,000 after buying an additional 744,059 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its stake in shares of Crown by 75,664.0% in the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 2,235,037 shares of the industrial products company’s stock valued at $100,040,000 after buying an additional 2,232,087 shares in the last quarter. 94.69% of the stock is owned by institutional investors and hedge funds.
Crown Holdings, Inc designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. Its primary products include steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage products; and metal vacuum closures, steel crowns and caps.
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