Crown (CCK) Lifted to “Hold” at Zacks Investment Research
Crown (NYSE:CCK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Crown Holdings expects adjusted earnings per share to be $5.15-$5.30 for full-year 2018. Earnings will be impacted by persistent elevated freight costs in North America and foreign currency-translation impact due to the weakness in the Brazilian reais against the U.S. dollar. Further, upcoming election in Brazil and lackluster economic data are the major headwinds for Crown Holdings. Also, its shares have underperformed the industry over the past year. However, the company is poised to gain from disciplined pricing, cost control, capital allocation and geographic expansion. In addition, strong performance of its Transit Packaging business remains a major growth driver.”
Several other analysts have also recently commented on the company. Citigroup decreased their target price on Crown from $60.00 to $56.00 and set a “buy” rating on the stock in a report on Friday, July 20th. Bank of America cut Crown from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $59.00 to $51.00 in a report on Thursday, July 19th. JPMorgan Chase & Co. decreased their target price on Crown from $69.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, July 23rd. UBS Group decreased their target price on Crown from $59.00 to $50.00 and set a “$44.54” rating on the stock in a report on Thursday, July 19th. Finally, Royal Bank of Canada restated a “buy” rating and set a $60.00 target price on shares of Crown in a report on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $59.00.
Crown (NYSE:CCK) last announced its quarterly earnings results on Wednesday, July 18th. The industrial products company reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Crown had a net margin of 3.14% and a return on equity of 58.64%. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter last year, the company earned $1.12 earnings per share. The business’s revenue was up 41.0% on a year-over-year basis. research analysts expect that Crown will post 5.23 EPS for the current fiscal year.
In other news, Director William S. Urkiel purchased 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were acquired at an average price of $40.25 per share, for a total transaction of $100,625.00. Following the completion of the acquisition, the director now directly owns 46,594 shares in the company, valued at $1,875,408.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Urkiel purchased 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was purchased at an average price of $44.30 per share, for a total transaction of $66,450.00. Following the acquisition, the director now owns 44,094 shares of the company’s stock, valued at $1,953,364.20. The disclosure for this purchase can be found here. 1.80% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Crown by 15.3% in the first quarter. BlackRock Inc. now owns 7,945,196 shares of the industrial products company’s stock valued at $403,218,000 after buying an additional 1,054,407 shares during the period. JPMorgan Chase & Co. lifted its stake in Crown by 66.5% in the first quarter. JPMorgan Chase & Co. now owns 4,773,755 shares of the industrial products company’s stock valued at $242,269,000 after buying an additional 1,905,831 shares during the period. FMR LLC lifted its stake in Crown by 478.0% in the second quarter. FMR LLC now owns 3,515,309 shares of the industrial products company’s stock valued at $157,345,000 after buying an additional 2,907,112 shares during the period. CI Global Investments Inc. lifted its stake in Crown by 466.7% in the first quarter. CI Global Investments Inc. now owns 3,268,774 shares of the industrial products company’s stock valued at $165,890,000 after buying an additional 2,691,929 shares during the period. Finally, Boston Partners lifted its stake in Crown by 2.1% in the second quarter. Boston Partners now owns 3,204,988 shares of the industrial products company’s stock valued at $143,455,000 after buying an additional 66,751 shares during the period. Institutional investors and hedge funds own 94.70% of the company’s stock.
Crown Holdings, Inc designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. Its primary products include steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage products; and metal vacuum closures, steel crowns and caps.
Recommended Story: The Role of a Fiduciary and Individual Investors
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Crown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crown and related companies with MarketBeat.com's FREE daily email newsletter.