Wells Fargo & Company Cuts Crown (NYSE:CCK) Price Target to $88.00

Crown (NYSE:CCK) had its price objective lowered by Wells Fargo & Company from $105.00 to $88.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

A number of other equities analysts have also recently commented on CCK. Loop Capital boosted their price target on shares of Crown from $120.00 to $129.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada upped their target price on shares of Crown from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup raised their price target on Crown from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Mizuho set a $110.00 price objective on Crown in a report on Friday, October 18th. Finally, Truist Financial raised their price objective on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $104.62.

Crown Trading Down 0.5 %

Crown stock opened at $79.94 on Monday. The stock has a market cap of $9.56 billion, a P/E ratio of 98.69, a PEG ratio of 1.95 and a beta of 0.86. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $98.46. The firm’s fifty day moving average price is $88.54 and its 200-day moving average price is $87.79. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21.

Crown (NYSE:CCK) last announced its earnings results on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.18. The business had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. Equities research analysts forecast that Crown will post 6.34 earnings per share for the current fiscal year.

Crown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.25%. Crown’s dividend payout ratio is currently 123.46%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Crown

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in Crown by 110.9% during the 3rd quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 163 shares in the last quarter. Covestor Ltd lifted its stake in shares of Crown by 156.5% in the 3rd quarter. Covestor Ltd now owns 454 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 277 shares during the period. Brooklyn Investment Group bought a new stake in shares of Crown during the third quarter valued at approximately $44,000. Catalyst Capital Advisors LLC purchased a new stake in Crown in the third quarter worth $48,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Crown in the third quarter worth $55,000. Hedge funds and other institutional investors own 90.93% of the company’s stock.

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.