Crown Holdings, Inc. (NYSE:CCK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, July 24th. The firm presently has a $67.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 15.20% from the stock’s previous close.
According to Zacks, “Crown Holdings expects adjusted diluted earnings per share to lie in the range of $3.90–$4.05 in 2017. Compared with the $3.93 earned in fiscal 2016, the mid-point of the guidance reflects a 1% rise. Adjusted diluted earnings per share for the third quarter are projected in the range of $1.35–$1.45. Crown Holdings is expected to gain from a rise in global beverage can demand. Beverage can volume has generally continued to grow in emerging markets driven by increased per capita incomes and consumption. To meet growing beverage can demand, the company intends to build new facilities and is poised to gain from the geographic expansion of its beverage can lines. Additionally, it is poised to gain from potential strategic acquisitions in geographic areas and product lines.”
A number of other equities research analysts have also recently weighed in on CCK. Jefferies Group LLC reiterated a “buy” rating and issued a $62.00 price objective on shares of Crown Holdings in a research note on Sunday, April 2nd. BMO Capital Markets reissued a “buy” rating and issued a $65.00 target price on shares of Crown Holdings in a report on Wednesday, April 12th. Citigroup Inc. reissued a “buy” rating and issued a $63.00 target price (up previously from $62.00) on shares of Crown Holdings in a report on Friday, April 14th. Royal Bank Of Canada reissued a “buy” rating and issued a $62.00 target price on shares of Crown Holdings in a report on Monday, June 5th. Finally, ValuEngine lowered Crown Holdings from a “buy” rating to a “hold” rating in a report on Saturday, June 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Crown Holdings currently has a consensus rating of “Hold” and a consensus target price of $64.56.
Crown Holdings (NYSE:CCK) traded up 0.03% during mid-day trading on Monday, reaching $58.16. 625,351 shares of the company’s stock traded hands. Crown Holdings has a 12-month low of $51.57 and a 12-month high of $60.96. The stock has a 50 day moving average of $59.42 and a 200 day moving average of $56.02. The company has a market cap of $7.87 billion, a P/E ratio of 16.66 and a beta of 1.39.
Crown Holdings (NYSE:CCK) last issued its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.02. Crown Holdings had a return on equity of 66.28% and a net margin of 5.81%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter in the previous year, the business earned $1.19 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts predict that Crown Holdings will post $4.03 earnings per share for the current fiscal year.
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In other news, VP David A. Beaver sold 1,000 shares of the company’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $56.05, for a total value of $56,050.00. Following the sale, the vice president now directly owns 2,398 shares in the company, valued at $134,407.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CCK. OxFORD Asset Management LLP purchased a new position in Crown Holdings during the second quarter worth approximately $2,217,000. Dimensional Fund Advisors LP increased its position in Crown Holdings by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 454,277 shares of the industrial products company’s stock worth $27,101,000 after buying an additional 21,140 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in Crown Holdings by 5.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 109,361 shares of the industrial products company’s stock worth $6,524,000 after buying an additional 5,626 shares during the period. Parametric Portfolio Associates LLC increased its position in Crown Holdings by 23.7% in the second quarter. Parametric Portfolio Associates LLC now owns 461,063 shares of the industrial products company’s stock worth $27,507,000 after buying an additional 88,190 shares during the period. Finally, California Public Employees Retirement System increased its position in Crown Holdings by 0.9% in the second quarter. California Public Employees Retirement System now owns 306,834 shares of the industrial products company’s stock worth $18,306,000 after buying an additional 2,700 shares during the period. Hedge funds and other institutional investors own 92.46% of the company’s stock.
Crown Holdings Company Profile
Crown Holdings, Inc is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company’s business is organized within three divisions: Americas, Europe and Asia Pacific. Within each division, the Company is organized along product lines. The Company’s segments within the Americas Division are Americas Beverage and North America Food.
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