Crown (NYSE:CCK) Given New $85.00 Price Target at Wells Fargo & Company

Crown (NYSE:CCK) had its price target upped by Wells Fargo & Company from $84.00 to $85.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

A number of other equities research analysts have also weighed in on CCK. Citigroup cut their price objective on Crown from $102.00 to $94.00 and set a buy rating on the stock in a research report on Monday, July 8th. Robert W. Baird boosted their price target on shares of Crown from $90.00 to $100.00 and gave the company an outperform rating in a research report on Wednesday, May 1st. Truist Financial restated a hold rating and issued a $88.00 price objective (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. Loop Capital increased their target price on Crown from $101.00 to $106.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. lifted their price target on Crown from $85.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $96.77.

Crown Price Performance

Shares of Crown stock opened at $77.58 on Wednesday. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.19 and a quick ratio of 0.77. Crown has a one year low of $69.61 and a one year high of $96.35. The business’s 50 day simple moving average is $79.30 and its two-hundred day simple moving average is $80.53. The stock has a market capitalization of $9.37 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 2.06 and a beta of 0.85.

Crown (NYSE:CCK) last issued its earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 earnings per share. Analysts forecast that Crown will post 5.96 EPS for the current year.

Crown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 13th were issued a $0.25 dividend. The ex-dividend date was Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.29%. Crown’s payout ratio is currently 28.82%.

Insiders Place Their Bets

In related news, Director James H. Miller sold 9,000 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total transaction of $746,370.00. Following the sale, the director now directly owns 12,884 shares of the company’s stock, valued at $1,068,470.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total value of $746,370.00. Following the sale, the director now owns 12,884 shares in the company, valued at $1,068,470.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the transaction, the chief executive officer now directly owns 608,678 shares in the company, valued at $51,737,630. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,000 shares of company stock valued at $3,300,420. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Crown

A number of large investors have recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in Crown during the first quarter valued at approximately $119,167,000. Norges Bank purchased a new position in Crown during the fourth quarter valued at approximately $109,826,000. Clearbridge Investments LLC boosted its position in shares of Crown by 474.8% in the fourth quarter. Clearbridge Investments LLC now owns 1,214,618 shares of the industrial products company’s stock worth $111,854,000 after purchasing an additional 1,003,312 shares during the period. Boston Partners bought a new stake in shares of Crown during the 4th quarter valued at $84,960,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Crown in the 1st quarter worth $29,981,000. 90.93% of the stock is currently owned by institutional investors.

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.