Crown (NYSE:CCK) Given New $129.00 Price Target at Citigroup

Crown (NYSE:CCK) had its price target boosted by equities research analysts at Citigroup from $119.00 to $129.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective would suggest a potential upside of 19.56% from the stock’s previous close.

Several other brokerages have also weighed in on CCK. Morgan Stanley increased their price objective on shares of Crown from $114.00 to $118.00 and gave the company an “overweight” rating in a research report on Wednesday, June 25th. Wall Street Zen raised shares of Crown from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 28th. Mizuho increased their price objective on shares of Crown from $105.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Truist Financial dropped their price objective on shares of Crown from $107.00 to $97.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of Crown from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $113.27.

Crown Price Performance

Shares of CCK opened at $107.90 on Thursday. The stock has a 50 day simple moving average of $99.90 and a 200 day simple moving average of $90.90. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.56 and a current ratio of 0.87. The firm has a market capitalization of $12.56 billion, a PE ratio of 23.20, a P/E/G ratio of 1.86 and a beta of 0.76. Crown has a 52-week low of $70.84 and a 52-week high of $108.05.

Crown (NYSE:CCK) last posted its quarterly earnings results on Monday, April 28th. The industrial products company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.45. Crown had a net margin of 4.62% and a return on equity of 26.98%. The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the firm posted $1.02 earnings per share. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. Sell-side analysts predict that Crown will post 6.96 EPS for the current fiscal year.

Insider Transactions at Crown

In other news, VP Christy L. Kalaus sold 2,130 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $99.41, for a total value of $211,743.30. Following the sale, the vice president directly owned 4,500 shares in the company, valued at approximately $447,345. This trade represents a 32.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Gerard H. Gifford sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $97.00, for a total transaction of $679,000.00. Following the completion of the sale, the chief operating officer owned 135,014 shares in the company, valued at approximately $13,096,358. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Crown

A number of hedge funds have recently made changes to their positions in the stock. Kera Capital Partners Inc. boosted its stake in shares of Crown by 63.3% in the 2nd quarter. Kera Capital Partners Inc. now owns 5,397 shares of the industrial products company’s stock valued at $556,000 after purchasing an additional 2,093 shares in the last quarter. Swedbank AB boosted its stake in shares of Crown by 114.7% in the 1st quarter. Swedbank AB now owns 1,476,566 shares of the industrial products company’s stock valued at $131,798,000 after purchasing an additional 788,818 shares in the last quarter. Howe & Rusling Inc. boosted its stake in shares of Crown by 0.7% in the 1st quarter. Howe & Rusling Inc. now owns 97,646 shares of the industrial products company’s stock valued at $8,716,000 after purchasing an additional 692 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of Crown in the 1st quarter valued at approximately $762,000. Finally, Strs Ohio acquired a new stake in shares of Crown in the 1st quarter valued at approximately $10,540,000. 90.93% of the stock is currently owned by institutional investors and hedge funds.

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.