Crown Holdings Inc. (CCK) Downgraded by Zacks Investment Research
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.”
CCK has been the topic of a number of other reports. Jefferies Group upped their price target on shares of Crown Holdings from $62.00 to $63.00 and gave the stock a buy rating in a report on Thursday, July 14th. RBC Capital Markets began coverage on shares of Crown Holdings in a report on Thursday, September 29th. They issued an outperform rating and a $65.00 price target on the stock. Barclays PLC upped their price target on shares of Crown Holdings from $62.00 to $64.00 and gave the stock an overweight rating in a report on Monday, July 25th. Credit Suisse Group AG set a $58.00 price target on shares of Crown Holdings and gave the stock a hold rating in a report on Tuesday, July 19th. Finally, BMO Capital Markets upgraded shares of Crown Holdings from a market perform rating to an outperform rating and upped their price target for the stock from $56.00 to $65.00 in a report on Monday, September 26th. They noted that the move was a valuation call. One 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. Crown Holdings presently has a consensus rating of Buy and an average price target of $60.38.
Shares of Crown Holdings (NYSE:CCK) opened at 55.38 on Thursday. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 16.99 and a beta of 1.32. The firm’s 50-day moving average is $55.11 and its 200-day moving average is $53.16. Crown Holdings has a 1-year low of $43.30 and a 1-year high of $57.46.
Crown Holdings (NYSE:CCK) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.19 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.08. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Crown Holdings had a net margin of 5.34% and a return on equity of 106.65%. The business’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.03 earnings per share. Analysts forecast that Crown Holdings will post $3.93 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Pitcairn Co. raised its position in shares of Crown Holdings by 0.3% in the second quarter. Pitcairn Co. now owns 10,083 shares of the company’s stock valued at $511,000 after buying an additional 31 shares during the last quarter. Moody Lynn & Lieberson LLC raised its position in shares of Crown Holdings by 1.0% in the second quarter. Moody Lynn & Lieberson LLC now owns 7,385 shares of the company’s stock valued at $374,000 after buying an additional 73 shares during the last quarter. First Manhattan Co. raised its position in shares of Crown Holdings by 2.9% in the second quarter. First Manhattan Co. now owns 3,089 shares of the company’s stock valued at $156,000 after buying an additional 88 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Crown Holdings by 1.2% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,078 shares of the company’s stock valued at $459,000 after buying an additional 112 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Crown Holdings by 3.7% in the second quarter. Mackenzie Financial Corp now owns 4,379 shares of the company’s stock valued at $222,000 after buying an additional 157 shares during the last quarter. 88.82% of the stock is 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.
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