Wells Fargo & Company Boosts Crown (NYSE:CCK) Price Target to $84.00

Crown (NYSE:CCK) had its price target upped by Wells Fargo & Company from $76.00 to $84.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the industrial products company’s stock.

Several other research analysts have also recently issued reports on CCK. UBS Group began coverage on shares of Crown in a report on Tuesday, January 16th. They issued a buy rating and a $112.00 price objective for the company. Mizuho reduced their price objective on shares of Crown from $105.00 to $96.00 and set a buy rating for the company in a research report on Tuesday, February 6th. Morgan Stanley initiated coverage on shares of Crown in a report on Monday, March 18th. They issued an equal weight rating and a $87.00 target price on the stock. Robert W. Baird raised their target price on shares of Crown from $90.00 to $100.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Truist Financial restated a hold rating and issued a $88.00 price target (down previously from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $99.29.

Crown Stock Performance

Shares of CCK opened at $82.45 on Wednesday. The business’s fifty day moving average price is $78.16 and its 200 day moving average price is $82.63. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.19 and a quick ratio of 0.77. Crown has a 12-month low of $69.61 and a 12-month high of $96.35. The stock has a market capitalization of $9.96 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.79 and a beta of 0.88.

Crown (NYSE:CCK) last posted its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. Crown had a return on equity of 23.95% and a net margin of 3.51%. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the business posted $1.20 earnings per share. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. Equities research analysts forecast that Crown will post 5.94 EPS for the current year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.21%. Crown’s dividend payout ratio is currently 28.82%.

Insider Activity at Crown

In other Crown news, CEO Timothy J. Donahue sold 22,500 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the transaction, the chief executive officer now directly owns 616,178 shares of the company’s stock, valued at $52,486,042.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crown

A number of large investors have recently added to or reduced their stakes in the stock. BluePath Capital Management LLC bought a new position in Crown in the 3rd quarter worth $25,000. Sound Income Strategies LLC bought a new position in shares of Crown in the 4th quarter valued at about $26,000. Rise Advisors LLC acquired a new stake in Crown during the 1st quarter worth $27,000. Mather Group LLC. bought a new position in Crown during the first quarter worth about $32,000. Finally, Quest Partners LLC acquired a new position in shares of Crown in the 4th quarter valued at $34,000. Institutional investors own 90.93% of the company’s stock.

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.