Truist Begins Coverage on Crown (NYSE:CCK)

Equities researchers at Truist began coverage on shares of Crown (NYSE:CCK) in a research report issued to clients and investors on Monday, The Fly reports. The brokerage set a “positive” rating and a $138.00 price target on the industrial products company’s stock. Truist’s price objective suggests a potential upside of 30.69% from the company’s current price.

CCK has been the subject of several other research reports. BMO Capital Markets cut Crown from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $125.00 to $110.00 in a research report on Wednesday, May 26th. Longbow Research started coverage on Crown in a report on Thursday, May 20th. They set a “buy” rating and a $152.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $120.71.

Shares of Crown stock opened at $105.59 on Monday. The stock has a market cap of $14.24 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18. The business has a fifty day simple moving average of $105.23 and a 200-day simple moving average of $103.87. The company has a quick ratio of 1.24, a current ratio of 1.57 and a debt-to-equity ratio of 2.89. Crown has a 12 month low of $71.92 and a 12 month high of $114.55.

Crown (NYSE:CCK) last issued its earnings results on Sunday, July 18th. The industrial products company reported $2.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.36. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Crown had a return on equity of 38.22% and a net margin of 5.84%. Crown’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. Analysts expect that Crown will post 7.49 EPS for the current fiscal year.

In related news, insider Hock Huat Goh sold 3,735 shares of Crown stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $110.21, for a total transaction of $411,634.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director B Craig Owens bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 10th. The shares were purchased at an average cost of $105.62 per share, for a total transaction of $211,240.00. Following the completion of the transaction, the director now owns 3,036 shares of the company’s stock, valued at $320,662.32. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in Crown by 77.6% during the second quarter. Bank of America Corp DE now owns 687,359 shares of the industrial products company’s stock valued at $70,255,000 after purchasing an additional 300,357 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Crown by 8.5% during the second quarter. Parametric Portfolio Associates LLC now owns 369,690 shares of the industrial products company’s stock valued at $37,786,000 after purchasing an additional 29,043 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG boosted its holdings in Crown by 1.2% during the second quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 9,224 shares of the industrial products company’s stock valued at $943,000 after purchasing an additional 111 shares in the last quarter. Comerica Bank raised its stake in shares of Crown by 3.6% in the second quarter. Comerica Bank now owns 18,834 shares of the industrial products company’s stock valued at $2,012,000 after acquiring an additional 657 shares during the last quarter. Finally, Accurate Wealth Management LLC bought a new position in shares of Crown in the second quarter valued at approximately $811,000. 86.19% of the stock is currently owned by institutional investors.

Crown Company Profile

Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans; beverage, promotional, and transit packaging; closures and capping; and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.

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