Morgan Stanley Raises Crown (NYSE:CCK) Price Target to $92.00

Crown (NYSE:CCK) had its price objective lifted by Morgan Stanley from $89.00 to $92.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

Several other analysts have also recently issued reports on CCK. JPMorgan Chase & Co. increased their target price on Crown from $85.00 to $90.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. Citigroup cut their target price on Crown from $102.00 to $94.00 and set a buy rating on the stock in a research note on Monday, July 8th. Robert W. Baird increased their price target on shares of Crown from $90.00 to $100.00 and gave the company an outperform rating in a research report on Wednesday, May 1st. Loop Capital lifted their price objective on shares of Crown from $106.00 to $120.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Truist Financial increased their target price on shares of Crown from $88.00 to $95.00 and gave the company a hold rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $100.21.

Crown Stock Performance

Shares of Crown stock opened at $85.66 on Wednesday. Crown has a 12 month low of $69.61 and a 12 month high of $95.31. The stock’s fifty day moving average price is $79.16 and its 200-day moving average price is $80.31. The firm has a market cap of $10.34 billion, a P/E ratio of 24.69, a P/E/G ratio of 2.20 and a beta of 0.85. The company has a current ratio of 1.05, a quick ratio of 0.77 and a debt-to-equity ratio of 2.00.

Crown (NYSE:CCK) last posted its earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.22. Crown had a net margin of 3.68% and a return on equity of 23.96%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter last year, the firm posted $1.68 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities research analysts expect that Crown will post 6.07 earnings per share for the current fiscal year.

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Thursday, August 15th. Crown’s dividend payout ratio (DPR) is currently 28.82%.

Insider Buying and Selling

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the transaction, the chief executive officer now owns 608,678 shares in the company, valued at approximately $51,737,630. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the sale, the chief executive officer now directly owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 22,500 shares of Crown stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the transaction, the chief executive officer now owns 616,178 shares in the company, valued at $52,486,042.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,000 shares of company stock valued at $4,575,870. 0.90% of the stock is currently owned by insiders.

Institutional Trading of Crown

Several hedge funds and other institutional investors have recently made changes to their positions in CCK. Vanguard Group Inc. raised its holdings in Crown by 1.5% during the first quarter. Vanguard Group Inc. now owns 12,002,342 shares of the industrial products company’s stock worth $951,306,000 after purchasing an additional 176,639 shares in the last quarter. Victory Capital Management Inc. raised 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 in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Crown by 2.0% in the 1st quarter. William Blair Investment Management LLC now owns 2,826,399 shares of the industrial products company’s stock valued at $224,020,000 after buying an additional 56,604 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Crown by 7.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,536,995 shares of the industrial products company’s stock valued at $233,632,000 after buying an additional 186,387 shares in the last quarter. Finally, Impax Asset Management Group plc grew its holdings in Crown by 7.1% during the fourth quarter. Impax Asset Management Group plc now owns 2,013,351 shares of the industrial products company’s stock worth $185,409,000 after acquiring an additional 133,813 shares during the period. Hedge funds and other institutional investors own 90.93% of the company’s stock.

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.