Wells Fargo & Company Cuts Crown (NYSE:CCK) Price Target to $86.00

Crown (NYSE:CCK) had its target price cut by Wells Fargo & Company from $88.00 to $86.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the stock. Loop Capital raised their price objective on shares of Crown from $120.00 to $129.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Truist Financial lifted their price target on shares of Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Morgan Stanley upgraded Crown from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $109.00 to $105.00 in a research note on Monday, January 13th. Barclays lifted their target price on Crown from $100.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, UBS Group reduced their price target on Crown from $113.00 to $108.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Crown has a consensus rating of “Moderate Buy” and a consensus price target of $105.46.

Crown Trading Up 0.4 %

NYSE:CCK opened at $85.59 on Thursday. The company has a 50 day simple moving average of $86.75 and a two-hundred day simple moving average of $88.07. The company has a market cap of $10.24 billion, a PE ratio of 105.66, a price-to-earnings-growth ratio of 1.51 and a beta of 0.86. The company has a current ratio of 1.21, a quick ratio of 0.84 and a debt-to-equity ratio of 2.19. Crown has a 12 month low of $69.61 and a 12 month high of $98.46.

Crown (NYSE:CCK) last posted its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.18. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. Research analysts forecast that Crown will post 6.35 earnings per share for the current year.

Crown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.17%. Crown’s dividend payout ratio is currently 123.46%.

Insider Buying and Selling at Crown

In other news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total transaction of $725,475.00. Following the completion of the transaction, the chief executive officer now directly owns 563,678 shares in the company, valued at approximately $54,524,572.94. This represents a 1.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Gerard H. Gifford sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $95.89, for a total transaction of $958,900.00. Following the completion of the sale, the chief operating officer now owns 114,402 shares in the company, valued at $10,970,007.78. This represents a 8.04 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

A number of large investors have recently made changes to their positions in CCK. Sessa Capital IM L.P. increased its stake in Crown by 153.0% during the second quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after acquiring an additional 1,989,374 shares during the last quarter. Metropolis Capital Ltd raised its holdings in Crown by 269.7% during the 3rd quarter. Metropolis Capital Ltd now owns 1,455,752 shares of the industrial products company’s stock valued at $139,578,000 after buying an additional 1,062,001 shares during the period. Jennison Associates LLC lifted its position in Crown by 125.0% in the third quarter. Jennison Associates LLC now owns 1,352,711 shares of the industrial products company’s stock worth $129,698,000 after buying an additional 751,530 shares during the last quarter. FMR LLC boosted its stake in Crown by 9.3% during the third quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock worth $842,556,000 after buying an additional 749,085 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Crown by 31.5% in the second quarter. 1832 Asset Management L.P. now owns 1,976,500 shares of the industrial products company’s stock valued at $147,032,000 after acquiring an additional 473,000 shares during the period. 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.