Crown (NYSE:CCK) Sets New 1-Year High After Analyst Upgrade

Crown Holdings, Inc. (NYSE:CCK)’s share price reached a new 52-week high on Wednesday after Royal Bank of Canada raised their price target on the stock from $115.00 to $120.00. Royal Bank of Canada currently has an outperform rating on the stock. Crown traded as high as $98.48 and last traded at $95.77, with a volume of 149626 shares changing hands. The stock had previously closed at $96.93.

Several other research firms also recently weighed in on CCK. Truist Financial lowered their price target on shares of Crown from $107.00 to $97.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. StockNews.com raised shares of Crown from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Barclays upped their price objective on shares of Crown from $109.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho raised their target price on Crown from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Morgan Stanley raised Crown from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $109.00 to $105.00 in a research report on Monday, January 13th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Crown currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.45.

Hedge Funds Weigh In On Crown

Institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC boosted its stake in shares of Crown by 160.0% in the 4th quarter. Farther Finance Advisors LLC now owns 416 shares of the industrial products company’s stock worth $34,000 after buying an additional 256 shares during the last quarter. GAMMA Investing LLC lifted its position in Crown by 84.2% during the fourth quarter. GAMMA Investing LLC now owns 571 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 261 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Crown by 20.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 702 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 117 shares in the last quarter. Colonial Trust Co SC lifted its position in Crown by 88.0% during the fourth quarter. Colonial Trust Co SC now owns 752 shares of the industrial products company’s stock valued at $62,000 after purchasing an additional 352 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in Crown by 33.8% during the first quarter. Parallel Advisors LLC now owns 811 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 205 shares in the last quarter. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Crown Stock Down 0.2 %

The company has a market capitalization of $11.25 billion, a PE ratio of 27.01, a P/E/G ratio of 1.56 and a beta of 0.79. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.22 and a quick ratio of 0.80. The company has a 50-day moving average of $87.75 and a two-hundred day moving average of $88.31.

Crown (NYSE:CCK) last released its earnings results on Monday, April 28th. The industrial products company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.45. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.82 billion. Crown had a return on equity of 25.12% and a net margin of 3.59%. Crown’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. Sell-side analysts anticipate that Crown Holdings, Inc. will post 6.96 earnings per share for the current fiscal year.

Crown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.08%. Crown’s dividend payout ratio (DPR) is currently 29.21%.

About Crown

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.