Crown (NYSE:CCK) Given New $110.00 Price Target at Citigroup

Crown (NYSE:CCK) had its target price raised by research analysts at Citigroup from $100.00 to $110.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price would suggest a potential upside of 16.38% from the company’s previous close.

A number of other brokerages have also recently issued reports on CCK. StockNews.com cut shares of Crown from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. Wells Fargo & Company raised their price objective on Crown from $85.00 to $88.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Loop Capital lifted 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. Morgan Stanley increased their target price on Crown from $92.00 to $105.00 and gave the company an “equal weight” rating in a report on Wednesday, September 4th. Finally, Bank of America lifted their price target on Crown from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $101.86.

Crown Price Performance

NYSE:CCK traded down $1.28 during midday trading on Wednesday, hitting $94.52. The company had a trading volume of 256,833 shares, compared to its average volume of 1,116,681. The company has a market capitalization of $11.41 billion, a PE ratio of 27.29, a P/E/G ratio of 2.26 and a beta of 0.85. 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 has a 52-week low of $69.61 and a 52-week high of $96.74. The stock’s fifty day moving average price is $89.80 and its 200-day moving average price is $83.03.

Crown (NYSE:CCK) last announced its quarterly earnings data on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.59 by $0.22. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.06 billion. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.68 EPS. As a group, research analysts expect that Crown will post 6.15 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the sale, the chief executive officer now owns 593,678 shares of the company’s stock, valued at $50,480,440.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Timothy J. Donahue sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the transaction, the chief executive officer now directly owns 593,678 shares of the company’s stock, valued at $50,480,440.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 578,678 shares of the company’s stock, valued at approximately $52,416,653.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,006 shares of company stock worth $2,694,849. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Crown

Several institutional investors have recently made changes to their positions in the company. Mutual of America Capital Management LLC boosted its stake in shares of Crown by 10.3% in the first quarter. Mutual of America Capital Management LLC now owns 153,739 shares of the industrial products company’s stock valued at $12,185,000 after purchasing an additional 14,362 shares during the period. Vanguard Group Inc. grew its stake in shares of Crown by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 11,825,703 shares of the industrial products company’s stock worth $1,089,029,000 after acquiring an additional 173,460 shares in the last quarter. Grand Jean Capital Management Inc. raised its stake in shares of Crown by 28.8% in the fourth quarter. Grand Jean Capital Management Inc. now owns 140,384 shares of the industrial products company’s stock valued at $12,928,000 after acquiring an additional 31,401 shares in the last quarter. Empowered Funds LLC acquired a new position in Crown during the 1st quarter worth $6,854,000. Finally, Russell Investments Group Ltd. increased its holdings in Crown by 21.0% during the 1st quarter. Russell Investments Group Ltd. now owns 341,216 shares of the industrial products company’s stock worth $27,045,000 after purchasing an additional 59,267 shares during the period. 90.93% of the stock is owned by hedge funds and other institutional investors.

About Crown

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.