Crown (NYSE:CCK) Price Target Lowered to $101.00 at Bank of America

Crown (NYSE:CCK) had its target price cut by Bank of America from $107.00 to $101.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other research analysts also recently issued reports about the stock. Robert W. Baird increased their price target on shares of Crown from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Wells Fargo & Company dropped their target price on shares of Crown from $105.00 to $88.00 and set an “equal weight” rating for the company in a report on Monday. Morgan Stanley boosted their price objective on Crown from $105.00 to $109.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Truist Financial lifted their target price on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a research note on Monday. Finally, StockNews.com upgraded Crown from a “hold” rating to a “buy” rating in a research note on Thursday, January 2nd. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $105.38.

Crown Price Performance

NYSE CCK opened at $80.02 on Monday. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21. The stock has a 50-day moving average of $88.83 and a 200 day moving average of $87.77. Crown has a one year low of $69.61 and a one year high of $98.46. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of 98.79, a PEG ratio of 1.95 and a beta of 0.86.

Crown (NYSE:CCK) last released its quarterly earnings results on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.18. The firm had revenue of $3.07 billion for 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%. On average, sell-side analysts forecast that Crown will post 6.34 EPS for the current year.

Crown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.25%. Crown’s payout ratio is 123.46%.

Insider Activity at Crown

In related news, CEO Timothy J. Donahue sold 7,500 shares of the business’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 value of $725,475.00. Following the completion of the transaction, the chief executive officer now owns 563,678 shares of the company’s stock, valued at $54,524,572.94. The trade was a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Gerard H. Gifford sold 10,000 shares of Crown stock in a transaction on 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 owns 114,402 shares in the company, valued at $10,970,007.78. This represents a 8.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crown

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCK. GAMMA Investing LLC boosted its holdings in shares of Crown by 110.9% in the 3rd quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company’s stock valued at $30,000 after buying an additional 163 shares in the last quarter. Covestor Ltd grew its position in Crown by 156.5% during the 3rd quarter. Covestor Ltd now owns 454 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 277 shares during the last quarter. Brooklyn Investment Group acquired a new position in Crown during the 3rd quarter valued at approximately $44,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Crown during the third quarter worth $48,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Crown during the third quarter valued at $55,000. Hedge funds and other institutional investors 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.