Crown (NYSE:CCK) Sets New 12-Month High Following Analyst Upgrade

Crown Holdings, Inc. (NYSE:CCK - Get Free Report) shares hit a new 52-week high on Wednesday after Royal Bank of Canada raised their price target on the stock from $115.00 to $120.00. Royal Bank of Canada currently has an outperform rating on the stock. Crown traded as high as $98.48 and last traded at $95.77, with a volume of 149626 shares. The stock had previously closed at $96.93.

CCK has been the topic of a number of other research reports. Truist Financial cut their price objective on Crown from $107.00 to $97.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. StockNews.com upgraded Crown from a "hold" rating to a "buy" rating in a report on Friday, February 7th. Citigroup lifted their price objective on Crown from $110.00 to $111.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Wells Fargo & Company upped their target price on shares of Crown from $89.00 to $101.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Bank of America decreased their price target on shares of Crown from $107.00 to $101.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $110.45.

Insider Buying and Selling at Crown

In other news, COO Gerard H. Gifford sold 7,000 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $97.00, for a total value of $679,000.00. Following the completion of the transaction, the chief operating officer now owns 135,014 shares in the company, valued at approximately $13,096,358. This represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crown

Institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its position in shares of Crown by 1.8% during the fourth quarter. Victory Capital Management Inc. now owns 5,779,691 shares of the industrial products company's stock worth $477,923,000 after purchasing an additional 102,789 shares in the last quarter. Bank of New York Mellon Corp increased its position in Crown by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 3,135,062 shares of the industrial products company's stock worth $279,836,000 after buying an additional 167,252 shares during the period. Pacer Advisors Inc. lifted its stake in Crown by 10,138.8% in the fourth quarter. Pacer Advisors Inc. now owns 3,105,118 shares of the industrial products company's stock valued at $256,762,000 after buying an additional 3,074,791 shares during the last quarter. Metropolis Capital Ltd boosted its holdings in shares of Crown by 68.7% in the fourth quarter. Metropolis Capital Ltd now owns 2,456,357 shares of the industrial products company's stock valued at $203,116,000 after acquiring an additional 1,000,605 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Crown by 30.6% during the fourth quarter. AQR Capital Management LLC now owns 1,705,081 shares of the industrial products company's stock worth $140,720,000 after acquiring an additional 399,842 shares during the last quarter. 90.93% of the stock is owned by hedge funds and other institutional investors.

Crown Stock Up 0.9 %

The business's fifty day moving average price is $87.93 and its 200 day moving average price is $88.29. The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 27.24, a PEG ratio of 1.56 and a beta of 0.79. The company has a current ratio of 1.22, a quick ratio of 0.80 and a debt-to-equity ratio of 1.88.

Crown (NYSE:CCK - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The industrial products company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.45. Crown had a net margin of 3.59% and a return on equity of 25.12%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the business posted $1.02 earnings per share. Crown's quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts expect that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a yield of 1.07%. Crown's payout ratio is 22.37%.

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.