Shares of Crown Holdings, Inc. (NYSE:CCK) have been given an average rating of “Buy” by the thirteen ratings firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $79.09.
A number of equities research analysts have recently commented on the stock. Wells Fargo & Co reduced their target price on shares of Crown from $87.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, April 17th. Deutsche Bank cut their price objective on shares of Crown from $84.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. KeyCorp restated a “hold” rating on shares of Crown in a research report on Monday, April 13th. Citigroup cut their price objective on shares of Crown from $93.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Finally, ValuEngine cut shares of Crown from a “hold” rating to a “sell” rating in a research report on Friday, May 1st.
Hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. purchased a new position in Crown during the first quarter worth about $26,000. Synovus Financial Corp boosted its stake in shares of Crown by 125.7% in 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. Verus Capital Partners LLC purchased a new position in shares of Crown in the fourth quarter valued at approximately $29,000. Ballast Advisors LLC purchased a new position in shares of Crown in the first quarter valued at approximately $33,000. Finally, Simon Quick Advisors LLC boosted its stake in shares of Crown by 50.0% in 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. 89.83% of the stock is owned by institutional investors.
Crown (NYSE:CCK) last issued its earnings results on Monday, April 20th. The industrial products company reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.21. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Crown had a net margin of 4.24% and a return on equity of 35.65%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.05 earnings per share. Analysts predict that Crown will post 5.01 EPS for the current fiscal year.
Crown declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 10th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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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