Wells Fargo & Company Has Lowered Expectations for Crown (NYSE:CCK) Stock Price

Crown (NYSE:CCK) had its price objective reduced by Wells Fargo & Company from $105.00 to $88.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.52% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Truist Financial increased their price objective on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a report on Monday. StockNews.com raised shares of Crown from a “hold” rating to a “buy” rating in a research report on Thursday. Citigroup raised their target price on Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada increased their target price on Crown from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Barclays boosted their price objective on Crown from $100.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Crown currently has an average rating of “Moderate Buy” and an average price target of $105.38.

Crown Price Performance

CCK stock traded up $0.55 during trading on Monday, reaching $81.09. 84,748 shares of the company were exchanged, compared to its average volume of 545,588. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 100.11, a P/E/G ratio of 1.95 and a beta of 0.86. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.21 and a quick ratio of 0.84. The company has a 50-day moving average of $89.13 and a two-hundred day moving average of $87.67. Crown has a twelve month low of $69.61 and a twelve month high of $98.46.

Crown (NYSE:CCK) last announced its quarterly earnings results on Thursday, October 17th. The industrial products company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.18. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. As a group, equities analysts predict that Crown will post 6.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Gerard H. Gifford sold 10,000 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $95.89, for a total value of $958,900.00. Following the completion of the transaction, the chief operating officer now directly owns 114,402 shares in the company, valued at $10,970,007.78. This trade represents a 8.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $96.73, for a total transaction of $725,475.00. Following the sale, the chief executive officer now directly owns 563,678 shares of the company’s stock, valued at $54,524,572.94. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Crown

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC boosted its holdings in shares of Crown by 121.3% during the 3rd quarter. Tidal Investments LLC now owns 21,997 shares of the industrial products company’s stock valued at $2,109,000 after acquiring an additional 12,058 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Crown by 4.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 249,041 shares of the industrial products company’s stock worth $23,878,000 after purchasing an additional 10,295 shares during the last quarter. Sei Investments Co. grew its position in Crown by 139.2% in the 2nd quarter. Sei Investments Co. now owns 122,380 shares of the industrial products company’s stock worth $9,104,000 after purchasing an additional 71,227 shares during the period. Jensen Investment Management Inc. raised its stake in Crown by 7.8% during the 3rd quarter. Jensen Investment Management Inc. now owns 100,918 shares of the industrial products company’s stock valued at $9,676,000 after buying an additional 7,280 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Crown by 62.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 23,142 shares of the industrial products company’s stock worth $1,722,000 after buying an additional 8,857 shares during the last quarter. 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.