Crown Holdings, Inc. (CCK) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Crown Holdings, Inc. (NYSE:CCK) from a hold rating to a buy rating in a report released on Monday. They currently have $67.00 price target on the industrial products company’s stock.
According to Zacks, “Crown Holdings projects 2017 adjusted diluted earnings per share in the range of $3.90–$4.05. Adjusted diluted earnings per share for the third quarter are projected in the range of $1.35–$1.45. To meet growing beverage can demand, the company 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.”
A number of other equities research analysts have also recently issued reports on the stock. BidaskClub upgraded shares of Crown Holdings from a hold rating to a buy rating in a report on Thursday, June 29th. Vertical Research cut shares of Crown Holdings from a buy rating to a hold rating and upped their price objective for the stock from $60.00 to $64.00 in a report on Friday, July 21st. Jefferies Group LLC set a $70.00 price objective on shares of Crown Holdings and gave the stock a buy rating in a report on Monday, August 28th. ValuEngine upgraded shares of Crown Holdings from a hold rating to a buy rating in a report on Friday, June 30th. Finally, KeyCorp reiterated a hold rating on shares of Crown Holdings in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $64.56.
Crown Holdings (CCK) opened at 60.38 on Monday. Crown Holdings has a 52 week low of $51.57 and a 52 week high of $61.39. The firm’s 50 day moving average price is $59.23 and its 200-day moving average price is $57.58. The firm has a market cap of $8.17 billion, a PE ratio of 17.30 and a beta of 1.40.
Crown Holdings (NYSE:CCK) last issued its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.02. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Crown Holdings had a net margin of 5.81% and a return on equity of 66.28%. Crown Holdings’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share. On average, analysts forecast that Crown Holdings will post $4.03 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the business. Creative Planning boosted its holdings in Crown Holdings by 1.3% during the second quarter. Creative Planning now owns 1,755 shares of the industrial products company’s stock valued at $105,000 after acquiring an additional 23 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Crown Holdings by 1.2% during the first quarter. PNC Financial Services Group Inc. now owns 12,625 shares of the industrial products company’s stock valued at $668,000 after acquiring an additional 144 shares during the period. Toronto Dominion Bank boosted its holdings in Crown Holdings by 12.1% during the second quarter. Toronto Dominion Bank now owns 1,715 shares of the industrial products company’s stock valued at $102,000 after acquiring an additional 185 shares during the period. James Investment Research Inc. boosted its holdings in Crown Holdings by 2.0% during the second quarter. James Investment Research Inc. now owns 17,700 shares of the industrial products company’s stock valued at $1,056,000 after acquiring an additional 340 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Crown Holdings by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 5,103 shares of the industrial products company’s stock valued at $304,000 after acquiring an additional 351 shares during the period. Institutional investors 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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