Traders Buy High Volume of Crown Call Options (NYSE:CCK)

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Crown Holdings, Inc. (NYSE:CCK) saw unusually large options trading activity on Thursday. Traders acquired 4,760 call options on the company. This is an increase of approximately 651% compared to the average volume of 634 call options.

A number of equities research analysts recently weighed in on CCK shares. Barclays raised their price target on shares of Crown from $88.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, February 6th. Citigroup decreased their price objective on shares of Crown from $93.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. ValuEngine raised shares of Crown from a “sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Morgan Stanley decreased their price objective on shares of Crown from $78.00 to $63.00 and set an “equal weight” rating for the company in a report on Wednesday, March 18th. Finally, Goldman Sachs Group raised shares of Crown from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $78.00 to $61.00 in a report on Monday. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Crown has a consensus rating of “Buy” and a consensus price target of $78.91.

Crown stock traded up $4.00 during midday trading on Thursday, reaching $58.06. The company’s stock had a trading volume of 2,398,266 shares, compared to its average volume of 2,082,524. Crown has a 52 week low of $42.97 and a 52 week high of $80.57. The company has a current ratio of 1.03, a quick ratio of 0.61 and a debt-to-equity ratio of 3.81. The business has a 50-day moving average price of $69.02 and a 200-day moving average price of $70.31. The stock has a market cap of $7.16 billion, a PE ratio of 15.32, a price-to-earnings-growth ratio of 1.40 and a beta of 1.31.

Crown (NYSE:CCK) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.09. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.72 billion. Crown had a return on equity of 37.68% and a net margin of 4.37%. Crown’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.00 earnings per share. As a group, research analysts predict that Crown will post 5.4 EPS for the current fiscal year.

Crown announced that its board has approved a stock buyback plan on Tuesday, March 10th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

A number of institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. lifted its position in Crown by 19.7% in the fourth quarter. Macquarie Group Ltd. now owns 109,194 shares of the industrial products company’s stock valued at $7,921,000 after acquiring an additional 17,993 shares during the last quarter. Beaconlight Capital LLC purchased a new position in shares of Crown in the 4th quarter valued at $21,422,000. Norges Bank purchased a new position in shares of Crown in the 4th quarter valued at $101,258,000. Verus Capital Partners LLC purchased a new position in shares of Crown in the 4th quarter valued at $29,000. Finally, Pearl River Capital LLC purchased a new position in shares of Crown in the 4th quarter valued at $327,000. Hedge funds and other institutional investors own 90.46% of the company’s stock.

Crown Company Profile

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.

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