Wells Fargo & Company Has Lowered Expectations for Crown (NYSE:CCK) Stock Price

Key Points

• Wells Fargo lowered Crown’s price target from $127 to $126 while maintaining an “equal weight” rating, implying about 9.69% upside from the prior close.
• Analyst sentiment remains broadly positive: Crown has a “Moderate Buy” consensus rating, with 12 Buy and five Hold ratings and an average price target of $127.67.
• Crown reported quarterly earnings of $2.49 per share, beating estimates of $2.16, while revenue rose 16.5% year over year to $3.67 billion. Institutional investors own approximately 90.93% of the company.

Crown (NYSE:CCK - Get Free Report) had its target price lowered by equities researchers at Wells Fargo & Company from $127.00 to $126.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the industrial products company's stock. Wells Fargo & Company's price target suggests a potential upside of 9.69% from the company's previous close.

A number of other equities analysts also recently commented on CCK. Royal Bank Of Canada upped their target price on shares of Crown from $131.00 to $135.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Bank of America raised their target price on shares of Crown from $129.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Mizuho lifted their price target on shares of Crown from $130.00 to $135.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Truist Financial reiterated a "buy" rating and issued a $141.00 price target (up from $129.00) on shares of Crown in a report on Wednesday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Crown in a research note on Wednesday, July 22nd. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $127.67.

Crown Trading Up 0.6%

CCK stock traded up $0.71 during midday trading on Monday, reaching $114.86. The company's stock had a trading volume of 147,950 shares, compared to its average volume of 1,079,468. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.65 and a current ratio of 1.05. The stock has a fifty day simple moving average of $113.05 and a two-hundred day simple moving average of $108.19. Crown has a 1 year low of $91.31 and a 1 year high of $122.91. The firm has a market capitalization of $12.49 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.54 and a beta of 0.56.

Crown (NYSE:CCK - Get Free Report) last released its earnings results on Monday, July 20th. The industrial products company reported $2.49 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.33. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.37 billion. Crown had a return on equity of 27.33% and a net margin of 5.91%. The business's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the company earned $2.15 earnings per share. On average, equities research analysts predict that Crown will post 8.39 EPS for the current year.

Institutional Trading of Crown

Hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc boosted its holdings in shares of Crown by 64.1% in the 3rd quarter. IFP Advisors Inc now owns 1,424 shares of the industrial products company's stock valued at $150,000 after buying an additional 556 shares in the last quarter. Pension & Wealth Management Advisors Inc. bought a new position in shares of Crown during the 3rd quarter worth approximately $32,000. State of Alaska Department of Revenue raised its stake in shares of Crown by 123.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 24,184 shares of the industrial products company's stock worth $2,548,000 after acquiring an additional 13,357 shares in the last quarter. Curated Wealth Partners LLC purchased a new stake in Crown during the third quarter valued at approximately $493,000. Finally, WealthPlan Investment Management LLC purchased a new stake in Crown during the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 90.93% of the company's stock.

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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