Wells Fargo & Company Has Lowered Expectations for Crown (NYSE:CCK) Stock Price

Crown (NYSE:CCK) had its price objective dropped by equities researchers at Wells Fargo & Company from $105.00 to $88.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 9.63% from the stock’s previous close.

A number of other research firms also recently commented on CCK. Citigroup increased their target price on Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Royal Bank of Canada increased their target price on shares of Crown from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Loop Capital lifted their price target on shares of Crown from $120.00 to $129.00 and gave the company a “buy” rating in a report on Monday, October 21st. Robert W. Baird increased their price objective on shares of Crown from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Finally, Mizuho set a $110.00 target price on Crown in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Crown presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.62.

Crown Price Performance

Shares of CCK stock opened at $80.27 on Monday. Crown has a twelve month low of $69.61 and a twelve month high of $98.46. The company has a market capitalization of $9.60 billion, a PE ratio of 99.10, a price-to-earnings-growth ratio of 1.95 and a beta of 0.86. The company has a current ratio of 1.21, a quick ratio of 0.84 and a debt-to-equity ratio of 2.19. The firm has a fifty day simple moving average of $88.54 and a 200-day simple moving average of $87.79.

Crown (NYSE:CCK) last released its earnings results on Thursday, October 17th. The industrial products company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.81 by $0.18. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. Equities research analysts anticipate that Crown will post 6.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $96.73, for a total value of $725,475.00. Following the completion of the sale, the chief executive officer now directly owns 563,678 shares of the company’s stock, valued at approximately $54,524,572.94. This represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Gerard H. Gifford sold 10,000 shares of Crown stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $95.89, for a total transaction of $958,900.00. Following the completion of the transaction, the chief operating officer now directly owns 114,402 shares in the company, valued at $10,970,007.78. This represents a 8.04 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crown

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Crown by 110.9% in the 3rd quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 163 shares during the period. Covestor Ltd boosted its holdings in shares of Crown by 156.5% in the third quarter. Covestor Ltd now owns 454 shares of the industrial products company’s stock worth $44,000 after buying an additional 277 shares during the period. Brooklyn Investment Group purchased a new position in shares of Crown in the third quarter worth approximately $44,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Crown during the third quarter valued at approximately $48,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Crown in the 3rd quarter valued at approximately $55,000. 90.93% of the stock is currently owned by institutional investors and hedge funds.

About Crown

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.