Crown (CCK) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research lowered shares of Crown (NYSE:CCK) from a hold rating to a sell rating in a report published on Thursday.
According to Zacks, “Crown Holdings’ performance will be impacted by disruptions from hurricanes, lower consumer spending and ongoing conflicts in the Middle East. Its aerosol can business will face supply chain issues due to lack of industrial gases following the hurricanes. Further, the company's aerosol can sales unit volumes will be hurt by lower consumer spending. In the Middle East, volumes also remain under pressure due to the ongoing conflicts in the region. Moreover, additional restructuring charges and rising competition will hurt Crown Holdings’ results. “
Several other equities research analysts have also issued reports on CCK. KeyCorp reissued a hold rating on shares of Crown in a research note on Tuesday, December 19th. Vertical Research raised shares of Crown from a hold rating to a buy rating in a research note on Wednesday, December 20th. ValuEngine lowered shares of Crown from a buy rating to a hold rating in a research note on Thursday, November 30th. UBS Group began coverage on shares of Crown in a research note on Wednesday, November 29th. They set a neutral rating and a $65.00 target price on the stock. Finally, Wells Fargo & Co increased their target price on shares of Crown from $57.00 to $60.00 and gave the stock a market perform rating in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $64.27.
Crown (NYSE:CCK) last posted its earnings results on Wednesday, October 18th. The industrial products company reported $1.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.41. Crown had a net margin of 5.64% and a return on equity of 60.44%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the company posted $1.33 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. research analysts expect that Crown will post 4.03 EPS for the current year.
Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in Crown by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 917,015 shares of the industrial products company’s stock valued at $54,710,000 after buying an additional 8,287 shares in the last quarter. Sentry Investments Corp. lifted its stake in Crown by 5.9% in the 2nd quarter. Sentry Investments Corp. now owns 1,366,200 shares of the industrial products company’s stock worth $81,507,000 after purchasing an additional 76,600 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Crown by 2.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 398,637 shares of the industrial products company’s stock worth $23,783,000 after purchasing an additional 9,440 shares in the last quarter. SG Americas Securities LLC lifted its stake in Crown by 35.9% in the 2nd quarter. SG Americas Securities LLC now owns 18,547 shares of the industrial products company’s stock worth $1,107,000 after purchasing an additional 4,899 shares in the last quarter. Finally, Renaissance Group LLC lifted its stake in Crown by 40.9% in the 3rd quarter. Renaissance Group LLC now owns 560,272 shares of the industrial products company’s stock worth $33,459,000 after purchasing an additional 162,564 shares in the last quarter. 89.97% of the stock is currently owned by hedge funds and other institutional investors.
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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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