Crown Sees Unusually Large Options Volume (NYSE:CCK)

Crown Holdings, Inc. (NYSE:CCKGet Free Report) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 5,044 put options on the stock. This represents an increase of approximately 870% compared to the typical volume of 520 put options.

Crown Price Performance

Shares of NYSE CCK opened at $74.97 on Thursday. The firm has a market cap of $9.05 billion, a PE ratio of 19.94, a PEG ratio of 2.66 and a beta of 0.96. The company has a current ratio of 1.13, a quick ratio of 0.70 and a debt-to-equity ratio of 2.21. Crown has a 1-year low of $69.61 and a 1-year high of $96.35. The company has a fifty day moving average price of $89.81 and a 200 day moving average price of $87.60.

Crown (NYSE:CCKGet Free Report) last announced its earnings results on Monday, February 5th. The industrial products company reported $1.24 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.19). The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.96 billion. Crown had a return on equity of 26.21% and a net margin of 3.75%. Crown’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. Research analysts predict that Crown will post 6.64 earnings per share for the current fiscal year.

Insider Activity at Crown

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $90.96, for a total transaction of $682,200.00. Following the sale, the chief executive officer now directly owns 651,264 shares of the company’s stock, valued at $59,238,973.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crown

A number of large investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Crown by 68.6% during the 2nd quarter. BlackRock Inc. now owns 11,889,202 shares of the industrial products company’s stock worth $1,032,815,000 after buying an additional 4,836,470 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Crown by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 11,764,656 shares of the industrial products company’s stock worth $1,471,641,000 after buying an additional 143,049 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Crown by 7.3% during the 4th quarter. Victory Capital Management Inc. now owns 5,136,706 shares of the industrial products company’s stock worth $473,039,000 after buying an additional 350,265 shares during the last quarter. FMR LLC raised its holdings in shares of Crown by 8.6% in the 3rd quarter. FMR LLC now owns 3,776,097 shares of the industrial products company’s stock valued at $334,109,000 after purchasing an additional 298,766 shares during the period. Finally, State Street Corp raised its holdings in shares of Crown by 55.5% in the 2nd quarter. State Street Corp now owns 3,709,202 shares of the industrial products company’s stock valued at $322,218,000 after purchasing an additional 1,323,107 shares during the period. 95.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CCK. Mizuho reduced their target price on Crown from $105.00 to $96.00 and set a “buy” rating on the stock in a report on Tuesday. StockNews.com raised Crown from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Jefferies Financial Group reduced their target price on Crown from $123.00 to $122.00 and set a “buy” rating on the stock in a report on Wednesday, October 18th. TheStreet downgraded Crown from a “b-” rating to a “c+” rating in a report on Wednesday, November 1st. Finally, Truist Financial reduced their target price on Crown from $117.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.25.

Check Out Our Latest Report on Crown

About Crown

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Crown Holdings, Inc, together with its subsidiaries, supplies rigid packaging products in Pennsylvania and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The Americas Beverage segment manufactures recyclable aluminum beverage cans and ends, glass bottles, steel crowns, and aluminum caps.

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