Crown Holdings Inc. (CCK) Lowered to Sell at 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.”
Several other equities research analysts also recently issued reports on the company. BMO Capital Markets upgraded Crown Holdings from a market perform rating to an outperform rating and lifted their price objective 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. Credit Suisse Group AG set a $58.00 price objective on Crown Holdings and gave the stock a hold rating in a report on Tuesday, July 19th. Royal Bank Of Canada started coverage on Crown Holdings in a report on Friday, September 30th. They set an outperform rating and a $65.00 price objective on the stock. RBC Capital Markets started coverage on Crown Holdings in a report on Thursday, September 29th. They set an outperform rating and a $65.00 price objective on the stock. Finally, Jefferies Group lifted their price objective on Crown Holdings from $62.00 to $63.00 and gave the stock a buy rating in a report on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Crown Holdings presently has an average rating of Buy and a consensus price target of $60.38.
Shares of Crown Holdings (NYSE:CCK) traded up 0.60% during midday trading on Thursday, hitting $55.52. The company had a trading volume of 113,808 shares. The company has a market cap of $7.69 billion, a price-to-earnings ratio of 17.03 and a beta of 1.32. The stock’s 50-day moving average price is $54.99 and its 200-day moving average price is $53.01. Crown Holdings has a 12 month low of $43.30 and a 12 month high of $57.46.
Crown Holdings (NYSE:CCK) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.08. Crown Holdings had a return on equity of 106.65% and a net margin of 5.34%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the business earned $1.03 EPS. Crown Holdings’s revenue for the quarter was down 6.0% compared to the same quarter last year. On average, equities research analysts forecast that Crown Holdings will post $3.93 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Crown Holdings by 3.4% in the second quarter. Vanguard Group Inc. now owns 10,693,766 shares of the company’s stock worth $541,853,000 after buying an additional 352,102 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Crown Holdings by 2.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,758,534 shares of the company’s stock valued at $190,445,000 after buying an additional 91,783 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in shares of Crown Holdings by 13.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 3,426,675 shares of the company’s stock valued at $169,929,000 after buying an additional 400,000 shares during the period. State Street Corp raised its stake in shares of Crown Holdings by 3.6% in the first quarter. State Street Corp now owns 2,475,975 shares of the company’s stock valued at $122,800,000 after buying an additional 85,999 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Crown Holdings by 4.0% in the second quarter. TIAA CREF Investment Management LLC now owns 1,814,731 shares of the company’s stock valued at $91,952,000 after buying an additional 70,500 shares during the period. Institutional investors own 88.81% of the company’s stock.
About Crown Holdings
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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