Crown Holdings Inc. (NYSE:CCK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Crown Holdings remains concerned and expects that in North American food, segment income continues to be affected by lower soup volumes and a slight delay in the early fruit pack. The company also expects income from China to decline because of the walking away from certain businesses. Pricing also remains quite challenging in China. Further, it anticipates the Middle East to persistently face challenges as several of the borders are closed and remain closed. Crown Holdings’ results will be hurt by volatile aluminum and steel prices, adverse weather condition and stiff competition. Lower production activity in Europe also remains as headwind.”
A number of other equities analysts also recently weighed in on the company. Royal Bank Of Canada assumed coverage on Crown Holdings in a research note on Friday, September 30th. They issued an “outperform” rating and a $65.00 target price on the stock. RBC Capital Markets assumed coverage on Crown Holdings in a research note on Thursday, September 29th. They issued an “outperform” rating and a $65.00 target price on the stock. BMO Capital Markets upgraded Crown Holdings from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $56.00 to $65.00 in a research note on Monday, September 26th. They noted that the move was a valuation call. Deutsche Bank AG set a $55.00 target price on Crown Holdings and gave the stock a “hold” rating in a research note on Sunday, July 24th. Finally, Barclays PLC boosted their target price on Crown Holdings from $62.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $60.38.
Crown Holdings (NYSE:CCK) traded up 0.20% during trading on Thursday, reaching $55.59. The company’s stock had a trading volume of 662,406 shares. Crown Holdings has a 12 month low of $43.30 and a 12 month high of $57.46. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 17.05 and a beta of 1.32. The stock’s 50 day moving average is $54.94 and its 200 day moving average is $53.00.
Crown Holdings (NYSE:CCK) last announced its earnings results on Wednesday, July 20th. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.08. Crown Holdings had a return on equity of 106.65% and a net margin of 5.34%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the business earned $1.03 EPS. The company’s revenue was down 6.0% compared to the same quarter last year. On average, equities analysts expect that Crown Holdings will post $3.93 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Grand Jean Capital Management Inc. boosted its position in Crown Holdings by 33.3% in the first quarter. Grand Jean Capital Management Inc. now owns 272,442 shares of the company’s stock valued at $13,510,000 after buying an additional 68,134 shares during the last quarter. Geode Capital Management LLC boosted its position in Crown Holdings by 5.2% in the first quarter. Geode Capital Management LLC now owns 845,042 shares of the company’s stock valued at $41,882,000 after buying an additional 41,901 shares during the last quarter. Marshall & Sullivan Inc. WA boosted its position in Crown Holdings by 1.8% in the first quarter. Marshall & Sullivan Inc. WA now owns 54,671 shares of the company’s stock valued at $2,711,000 after buying an additional 984 shares during the last quarter. Riverhead Capital Management LLC purchased a new position in Crown Holdings during the first quarter valued at $301,000. Finally, AXA boosted its position in Crown Holdings by 886.1% in the first quarter. AXA now owns 177,500 shares of the company’s stock valued at $8,802,000 after buying an additional 159,500 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.
Crown Holdings Company Profile
Crown Holdings, Inc is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company’s business is organized within three divisions: Americas, Europe and Asia Pacific. Within each Division, the Company is organized along product lines. The Company’s segments within the Americas Division are Americas Beverage and North America Food.