Citigroup Increases Crown (NYSE:CCK) Price Target to $111.00

Crown (NYSE:CCK) had its price target upped by Citigroup from $110.00 to $111.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other brokerages have also recently weighed in on CCK. Wells Fargo & Company lowered their target price on Crown from $105.00 to $88.00 and set an “equal weight” rating on the stock in a report on Monday. Truist Financial upped their target price on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a report on Monday. Robert W. Baird lifted their price target on Crown from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. Royal Bank of Canada upped their price objective on shares of Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Bank of America reduced their target price on shares of Crown from $107.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.62.

Crown Stock Performance

Shares of NYSE:CCK opened at $79.94 on Monday. The business’s 50 day moving average price is $88.54 and its 200-day moving average price is $87.79. Crown has a 1 year low of $69.61 and a 1 year high of $98.46. 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 firm has a market capitalization of $9.56 billion, a PE ratio of 98.69, a P/E/G ratio of 1.95 and a beta of 0.86.

Crown (NYSE:CCK) last issued its 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 business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a net margin of 0.83% and a return on equity of 24.57%. As a group, equities research analysts expect that Crown will post 6.34 earnings per share for the current fiscal year.

Crown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors 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 yield of 1.25%. Crown’s dividend payout ratio (DPR) is presently 123.46%.

Insiders Place Their Bets

In related news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total transaction of $725,475.00. Following the transaction, the chief executive officer now owns 563,678 shares of the company’s stock, valued at approximately $54,524,572.94. This represents a 1.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Gerard H. Gifford sold 10,000 shares of Crown 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 of the company’s stock, valued at approximately $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 insiders.

Hedge Funds Weigh In On Crown

Institutional investors have recently modified their holdings of the business. Sessa Capital IM L.P. raised its stake in shares of Crown by 153.0% in the second quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock valued at $244,697,000 after acquiring an additional 1,989,374 shares in the last quarter. Metropolis Capital Ltd increased its holdings in Crown by 269.7% during the 3rd quarter. Metropolis Capital Ltd now owns 1,455,752 shares of the industrial products company’s stock worth $139,578,000 after purchasing an additional 1,062,001 shares during the period. Jennison Associates LLC raised its position in Crown by 125.0% in the 3rd quarter. Jennison Associates LLC now owns 1,352,711 shares of the industrial products company’s stock valued at $129,698,000 after purchasing an additional 751,530 shares in the last quarter. FMR LLC boosted its stake in shares of Crown by 9.3% in the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock valued at $842,556,000 after buying an additional 749,085 shares during the period. Finally, 1832 Asset Management L.P. grew its position in shares of Crown by 31.5% during the second quarter. 1832 Asset Management L.P. now owns 1,976,500 shares of the industrial products company’s stock worth $147,032,000 after buying an additional 473,000 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.