Crown (NYSE:CCK) Sets New 52-Week High - Here's Why

Crown Holdings, Inc. (NYSE:CCK - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $104.42 and last traded at $104.23, with a volume of 1513787 shares changing hands. The stock had previously closed at $103.62.

Analyst Ratings Changes

Several equities research analysts have weighed in on CCK shares. Royal Bank Of Canada increased their target price on Crown from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Wall Street Zen cut shares of Crown from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th. Wells Fargo & Company lifted their price objective on shares of Crown from $89.00 to $101.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Barclays upped their target price on shares of Crown from $109.00 to $117.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Finally, Mizuho lifted their price target on Crown from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $111.64.

Crown Price Performance

The business's 50-day simple moving average is $96.87 and its 200 day simple moving average is $89.93. The company has a market capitalization of $12.10 billion, a P/E ratio of 22.36, a P/E/G ratio of 1.80 and a beta of 0.76. The company has a current ratio of 0.87, a quick ratio of 0.56 and a debt-to-equity ratio of 1.50.

Crown (NYSE:CCK - Get Free Report) last announced its earnings results on Monday, April 28th. The industrial products company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.22 by $0.45. The firm had revenue of $2.89 billion for the quarter, compared to analysts' expectations of $2.82 billion. Crown had a return on equity of 26.98% and a net margin of 4.62%. The firm's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 earnings per share. As a group, sell-side analysts anticipate that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.04 annualized dividend and a yield of 1.00%. Crown's dividend payout ratio is currently 22.37%.

Insiders Place Their Bets

In other news, VP Christy L. Kalaus sold 2,130 shares of Crown 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 transaction, the vice president now owns 4,500 shares of the company's stock, valued at $447,345. The trade was a 32.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Gerard H. Gifford sold 7,000 shares of the 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 sale, the chief operating officer now directly owns 135,014 shares of the company's stock, valued at approximately $13,096,358. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCK. Charles Schwab Investment Management Inc. grew its holdings in shares of Crown by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 812,474 shares of the industrial products company's stock worth $67,183,000 after acquiring an additional 8,739 shares during the last quarter. NewEdge Advisors LLC increased its stake in Crown by 588.0% in the 4th quarter. NewEdge Advisors LLC now owns 5,566 shares of the industrial products company's stock worth $460,000 after purchasing an additional 4,757 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Crown during the 4th quarter worth about $8,466,000. Brevan Howard Capital Management LP lifted its stake in Crown by 1,199.0% during the fourth quarter. Brevan Howard Capital Management LP now owns 123,510 shares of the industrial products company's stock valued at $10,213,000 after buying an additional 114,002 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Crown by 41.5% in the fourth quarter. US Bancorp DE now owns 3,039 shares of the industrial products company's stock worth $251,000 after buying an additional 891 shares during the period. Institutional investors own 90.93% of the company's stock.

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.