Zacks: Brokerages Anticipate Crown Holdings, Inc. (NYSE:CCK) Will Post Quarterly Sales of $2.80 Billion

Brokerages forecast that Crown Holdings, Inc. (NYSE:CCK) will post sales of $2.80 billion for the current quarter, Zacks reports. Four analysts have issued estimates for Crown’s earnings, with estimates ranging from $2.73 billion to $2.92 billion. Crown reported sales of $3.04 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 7.9%. The business is scheduled to report its next quarterly earnings results after the market closes on Monday, July 20th.

According to Zacks, analysts expect that Crown will report full-year sales of $11.27 billion for the current year, with estimates ranging from $11.15 billion to $11.35 billion. For the next financial year, analysts expect that the company will report sales of $11.63 billion, with estimates ranging from $11.41 billion to $12.02 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Crown.

Crown (NYSE:CCK) last posted its quarterly earnings results on Monday, April 20th. The industrial products company reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.21. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.73 billion. Crown had a return on equity of 35.65% and a net margin of 4.24%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS.

Several brokerages have recently commented on CCK. Wells Fargo & Co reduced their target price on Crown from $87.00 to $75.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Deutsche Bank reduced their target price on Crown from $84.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. JPMorgan Chase & Co. reduced their target price on Crown from $87.00 to $83.00 and set an “overweight” rating for the company in a research note on Wednesday, April 15th. ValuEngine downgraded Crown from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Finally, Goldman Sachs Group upgraded Crown from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $78.00 to $61.00 in a research note on Monday, March 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. Crown has an average rating of “Buy” and a consensus target price of $79.09.

A number of hedge funds and other institutional investors have recently made changes to their positions in CCK. Blair William & Co. IL increased its position in shares of Crown by 1.9% during the first quarter. Blair William & Co. IL now owns 11,313 shares of the industrial products company’s stock valued at $657,000 after acquiring an additional 209 shares during the last quarter. Simon Quick Advisors LLC grew its holdings in Crown by 50.0% during the first quarter. Simon Quick Advisors LLC now owns 714 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 238 shares during the period. Mesirow Financial Investment Management Equity Management grew its holdings in Crown by 0.9% during the first quarter. Mesirow Financial Investment Management Equity Management now owns 26,795 shares of the industrial products company’s stock valued at $1,555,000 after purchasing an additional 240 shares during the period. Nissay Asset Management Corp Japan ADV grew its holdings in Crown by 2.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 13,106 shares of the industrial products company’s stock valued at $951,000 after purchasing an additional 251 shares during the period. Finally, Synovus Financial Corp grew its holdings in Crown by 125.7% during the first quarter. Synovus Financial Corp now owns 456 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 254 shares during the period. 89.83% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE CCK traded up $2.05 during midday trading on Friday, hitting $67.34. 955,300 shares of the company’s stock were exchanged, compared to its average volume of 988,965. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 4.28. Crown has a 12 month low of $42.97 and a 12 month high of $80.57. The company’s 50 day moving average price is $65.76 and its 200 day moving average price is $66.81. The firm has a market capitalization of $9.07 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 2.69 and a beta of 1.25.

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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