Zacks Investment Research Downgrades Crown Holdings, Inc. (CCK) to Hold
Crown Holdings, Inc. (NYSE:CCK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “To meet growing beverage can demand, Crown Holdings intends to build new facilities and is poised to gain from the geographic expansion of its beverage can lines. Additionally, it is poised to gain from potential strategic acquisitions in geographic areas and product lines. Year-to-date, Crown Holdings has outperformed the industry. The company has a positive record of earnings surprises in the last few quarters. However, volumes will be impacted in the Middle East by the ongoing conflicts in the region and introduction of beverage taxes in Saudi Arabia. Further, weak global food and aerosol can volumes, mature North American food can and closure markets, pricing pressure in China remain concerns.”
Several other research firms have also recently weighed in on CCK. Deutsche Bank AG reiterated a “hold” rating and set a $61.00 price objective (up from $58.00) on shares of Crown Holdings in a research report on Tuesday, July 18th. KeyCorp reiterated a “hold” rating on shares of Crown Holdings in a research report on Thursday, July 20th. Barclays PLC reiterated an “overweight” rating and set a $69.00 price objective (up from $63.00) on shares of Crown Holdings in a research report on Monday, July 24th. Vertical Research cut shares of Crown Holdings from a “buy” rating to a “hold” rating and increased their price objective for the stock from $60.00 to $64.00 in a research report on Friday, July 21st. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $70.00 price objective (up from $63.00) on shares of Crown Holdings in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $64.56.
Shares of Crown Holdings (NYSE CCK) traded up 0.32% during trading on Tuesday, hitting $60.42. 159,954 shares of the stock traded hands. Crown Holdings has a 1-year low of $51.57 and a 1-year high of $61.39. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 17.31 and a beta of 1.40. The firm has a 50-day moving average of $59.18 and a 200-day moving average of $57.56.
Crown Holdings (NYSE:CCK) last posted its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.02. Crown Holdings had a net margin of 5.81% and a return on equity of 66.28%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the prior year, the company posted $1.19 earnings per share. Crown Holdings’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts forecast that Crown Holdings will post $4.03 earnings per share for the current year.
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A number of large investors have recently bought and sold shares of the business. Pensionfund Sabic acquired a new stake in Crown Holdings in the third quarter worth $1,618,000. Pensionfund DSM Netherlands acquired a new stake in Crown Holdings in the third quarter worth $2,926,000. Atlantic Trust LLC acquired a new stake in Crown Holdings in the second quarter worth $325,000. Toronto Dominion Bank grew its holdings in Crown Holdings by 12.1% in the second quarter. Toronto Dominion Bank now owns 1,715 shares of the industrial products company’s stock worth $102,000 after purchasing an additional 185 shares during the period. Finally, WINTON GROUP Ltd acquired a new stake in Crown Holdings in the second quarter worth $587,000. Institutional investors and hedge funds own 90.12% of the company’s stock.
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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