Wells Fargo & Company Boosts Crown (NYSE:CCK) Price Target to $84.00

Crown (NYSE:CCK) had its price target increased by Wells Fargo & Company from $76.00 to $84.00 in a report released on Wednesday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Several other equities research analysts have also commented on the stock. Truist Financial restated a hold rating and set a $88.00 target price (down from $100.00) on shares of Crown in a research report on Wednesday, March 27th. UBS Group started coverage on shares of Crown in a research report on Tuesday, January 16th. They issued a buy rating and a $112.00 price objective on the stock. Royal Bank of Canada decreased their price objective on shares of Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research report on Thursday, February 8th. JPMorgan Chase & Co. upped their target price on shares of Crown from $85.00 to $90.00 and gave the company an overweight rating in a report on Wednesday. Finally, Mizuho reduced their target price on shares of Crown from $105.00 to $96.00 and set a buy rating on the stock in a report on Tuesday, February 6th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $99.29.

Crown Stock Performance

Shares of CCK opened at $83.00 on Wednesday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The stock has a market capitalization of $10.03 billion, a P/E ratio of 23.92, a P/E/G ratio of 2.75 and a beta of 0.91. The company’s fifty day moving average is $77.94 and its two-hundred day moving average is $82.62. Crown has a 1 year low of $69.61 and a 1 year high of $96.35.

Crown (NYSE:CCK) last announced its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 24.23%. Crown’s revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. On average, sell-side analysts predict that Crown will post 5.9 earnings per share for the current year.

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Wednesday, March 13th. This is an increase from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio is 28.82%.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 22,500 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the completion of the sale, the chief executive officer now owns 616,178 shares of the company’s stock, valued at approximately $52,486,042.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

Institutional investors and hedge funds have recently bought and sold shares of the business. Hudson Bay Capital Management LP increased its position in Crown by 55.6% during the 3rd quarter. Hudson Bay Capital Management LP now owns 70,000 shares of the industrial products company’s stock worth $6,194,000 after purchasing an additional 25,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Crown by 245.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,808 shares of the industrial products company’s stock worth $5,784,000 after purchasing an additional 44,630 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in Crown in the fourth quarter valued at approximately $3,122,000. Wellington Management Group LLP grew its position in Crown by 4.1% in the third quarter. Wellington Management Group LLP now owns 504,720 shares of the industrial products company’s stock valued at $44,658,000 after acquiring an additional 19,666 shares in the last quarter. Finally, SeaTown Holdings Pte. Ltd. grew its position in Crown by 19.6% in the third quarter. SeaTown Holdings Pte. Ltd. now owns 86,100 shares of the industrial products company’s stock valued at $7,618,000 after acquiring an additional 14,100 shares in the last quarter. 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.