Crown (NYSE:CCK) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Crown (NYSE:CCK) from an overweight rating to a neutral rating in a research note published on Wednesday morning, MarketBeat Ratings reports. They currently have $121.00 target price on the industrial products company’s stock.

CCK has been the subject of a number of other reports. UBS Group increased their price target on Crown from $116.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Truist Financial reiterated a “buy” rating and issued a $141.00 price objective (up from $129.00) on shares of Crown in a report on Wednesday, July 22nd. Wells Fargo & Company reaffirmed a “cautious” rating on shares of Crown in a research note on Monday, October 19th. Wall Street Zen downgraded shares of Crown from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Finally, Bank of America upped their target price on Crown from $129.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Crown presently has a consensus rating of “Moderate Buy” and an average target price of $128.47.

Crown Stock Down 0.5%

NYSE:CCK opened at $121.31 on Wednesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.71 and a current ratio of 1.14. The company has a market cap of $13.11 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 1.54 and a beta of 0.54. Crown has a 52-week low of $91.31 and a 52-week high of $126.36. The stock’s fifty day moving average price is $113.11 and its two-hundred day moving average price is $108.92.

Crown (NYSE:CCK) last issued its earnings results on Monday, October 19th. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.26 by $0.13. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.45 billion. Crown had a net margin of 5.78% and a return on equity of 27.41%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.24 earnings per share. On average, analysts anticipate that Crown will post 8.41 EPS for the current year.

Crown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, November 5th. Crown’s dividend payout ratio is presently 19.50%.

Hedge Funds Weigh In On Crown

Several large investors have recently made changes to their positions in CCK. Reynders McVeigh Capital Management LLC boosted its holdings in shares of Crown by 3.2% in the second quarter. Reynders McVeigh Capital Management LLC now owns 355,461 shares of the industrial products company’s stock valued at $39,748,000 after buying an additional 10,983 shares during the period. Corient Private Wealth LP grew its position in shares of Crown by 10.5% during the 2nd quarter. Corient Private Wealth LP now owns 185,288 shares of the industrial products company’s stock valued at $20,719,000 after acquiring an additional 17,600 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in shares of Crown by 57.8% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 311,135 shares of the industrial products company’s stock valued at $31,192,000 after acquiring an additional 114,000 shares during the last quarter. Nykredit A S purchased a new position in shares of Crown in the second quarter valued at about $70,709,000. Finally, Robeco Institutional Asset Management B.V. bought a new position in shares of Crown during the third quarter valued at $1,742,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

About Crown

Crown Holdings, Inc (NYSE: CCK) is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown’s products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.