Crown (NYSE:CCK) Downgraded by Zacks Investment Research to “Hold”

Crown (NYSE:CCKGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports. They presently have a $127.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 6.35% from the stock’s previous close.

According to Zacks, “Crown Holdings has been witnessing strong demand across all product lines and geographies, which are generating strong earnings. It expects adjusted earnings per share (EPS) in the range of $8.00-$8.20 in 2022. The company will gain from the increasing global beverage can demand as consumers prefer cans over other packaging formats. Crown Holdings continues to implement several projects, which include both the construction of new plants and addition of production lines to existing facilities to meet this demand. Markets such as North America, Europe and Mexico are experiencing higher volumes and market expansion. However, supply chain headwinds, higher freight and raw material costs might impact the company's margin. Crown Holdings' earnings estimates for the first-quarter 2022 and current year have thus undergone downward revisions lately.”

A number of other research analysts have also recently issued reports on the stock. BMO Capital Markets raised shares of Crown from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $110.00 to $140.00 in a research note on Thursday, February 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Crown from $136.00 to $142.00 in a research note on Friday, February 11th. Morgan Stanley lifted their price objective on shares of Crown from $129.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, January 20th. StockNews.com initiated coverage on shares of Crown in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Citigroup raised their target price on shares of Crown from $143.00 to $151.00 in a research report on Friday. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Crown currently has an average rating of “Buy” and a consensus price target of $139.77.

NYSE:CCK traded down $0.50 during mid-day trading on Tuesday, hitting $119.42. The stock had a trading volume of 21,112 shares, compared to its average volume of 1,072,385. Crown has a twelve month low of $95.27 and a twelve month high of $130.42. The stock has a market cap of $14.76 billion, a price-to-earnings ratio of -25.75, a PEG ratio of 2.97 and a beta of 1.09. The company’s 50 day simple moving average is $122.09 and its 200 day simple moving average is $112.51. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.67 and a current ratio of 1.09.

Crown (NYSE:CCKGet Rating) last released its quarterly earnings results on Tuesday, February 8th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.12. Crown had a negative net margin of 4.70% and a positive return on equity of 37.44%. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the firm earned $1.50 EPS. The business’s revenue was up 24.1% on a year-over-year basis. As a group, equities analysts forecast that Crown will post 8.18 earnings per share for the current year.

In other news, Director John W. Conway sold 336 shares of the stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $123.54, for a total transaction of $41,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hock Huat Goh sold 5,623 shares of the stock in a transaction that occurred on Monday, March 14th. The shares were sold at an average price of $124.92, for a total transaction of $702,425.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,706 shares of company stock worth $1,684,110. 1.80% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its holdings in Crown by 20.5% in the 4th quarter. Penserra Capital Management LLC now owns 577 shares of the industrial products company’s stock worth $63,000 after buying an additional 98 shares during the period. McElhenny Sheffield Capital Management LLC boosted its holdings in Crown by 0.9% in the 4th quarter. McElhenny Sheffield Capital Management LLC now owns 11,100 shares of the industrial products company’s stock worth $1,228,000 after buying an additional 100 shares during the period. McIlrath & Eck LLC boosted its holdings in Crown by 11.8% in the 4th quarter. McIlrath & Eck LLC now owns 946 shares of the industrial products company’s stock worth $105,000 after buying an additional 100 shares during the period. Connable Office Inc. lifted its stake in Crown by 4.0% in the 4th quarter. Connable Office Inc. now owns 2,840 shares of the industrial products company’s stock worth $314,000 after purchasing an additional 108 shares in the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its stake in Crown by 3.3% in the 4th quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,430 shares of the industrial products company’s stock worth $379,000 after purchasing an additional 110 shares in the last quarter. 88.01% of the stock is owned by institutional investors.

About Crown (Get Rating)

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 and beverage industries. The company also provides products for industrial products, such as steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment to metals, food and beverage, construction, agricultural, corrugated, and general industries.

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