Crown (NYSE:CCK) Stock Gets Downgrade from JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded Crown from overweight to neutral, setting a $121 price target—about 0.18% above the prior close.
• Analyst sentiment remains broadly positive: Crown has a “Moderate Buy” consensus rating and an average price target of $128.47, with 11 Buy and six Hold ratings.
• Crown beat quarterly estimates, reporting EPS of $2.39 versus $2.26 expected and revenue of $3.71 billion versus $3.45 billion; revenue rose 15.9% year over year.

Crown (NYSE:CCK - Get Free Report) was downgraded by investment analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report issued on Wednesday, MarketBeat.com reports. They currently have a $121.00 price target on the industrial products company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 0.18% from the company's previous close.

CCK has been the topic of a number of other reports. Bank of America lifted their price objective on shares of Crown from $129.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. BMO Capital Markets increased their target price on shares of Crown from $130.00 to $135.00 and gave the company an "outperform" rating in a report on Wednesday, July 22nd. Mizuho increased their target price on shares of Crown from $130.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. Jefferies Financial Group set a $121.00 price target on shares of Crown in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their price target on shares of Crown from $137.00 to $139.00 and gave the stock a "buy" rating in a report on Wednesday, October 21st. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $128.47.

Crown Price Performance

Shares of NYSE CCK opened at $120.78 on Wednesday. Crown has a fifty-two week low of $91.31 and a fifty-two week high of $123.37. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.54 and a beta of 0.54. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.71 and a current ratio of 1.14. The firm's 50-day simple moving average is $112.88 and its 200 day simple moving average is $108.63.

Crown (NYSE:CCK - Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The industrial products company reported $2.39 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.13. Crown had a return on equity of 27.41% and a net margin of 5.78%. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same period in the previous year, the company posted $2.24 EPS. The company's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, research analysts anticipate that Crown will post 8.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crown

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hohimer Wealth Management LLC increased its holdings in shares of Crown by 16.8% in the third quarter. Hohimer Wealth Management LLC now owns 40,922 shares of the industrial products company's stock worth $4,314,000 after purchasing an additional 5,876 shares during the period. Brighton Jones LLC raised its position in shares of Crown by 31.9% in the third quarter. Brighton Jones LLC now owns 5,148 shares of the industrial products company's stock worth $543,000 after buying an additional 1,244 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Crown by 5.1% during the third quarter. Pictet Asset Management Holding SA now owns 17,525 shares of the industrial products company's stock valued at $1,847,000 after buying an additional 858 shares during the period. Parallel Advisors LLC boosted its stake in Crown by 13.4% during the third quarter. Parallel Advisors LLC now owns 1,127 shares of the industrial products company's stock valued at $119,000 after buying an additional 133 shares during the period. Finally, Alps Advisors Inc. purchased a new position in Crown during the third quarter worth about $544,000. 90.93% of the stock is currently owned by institutional investors.

About Crown

Crown Holdings, Inc NYSE: CCK is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown's products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.

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