Crown (NYSE:CCK) Sets New 12-Month High – Here’s What Happened

Crown Holdings, Inc. (NYSE:CCK)’s stock price hit a new 52-week high during trading on Monday. The company traded as high as $122.97 and last traded at $122.89, with a volume of 363,148 shares changing hands. The stock had previously closed at $119.24.

Wall Street Analyst Weigh In

CCK has been the subject of several analyst reports. BMO Capital Markets upped their target price on Crown from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Bank of America boosted their price objective on shares of Crown from $129.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Truist Financial reaffirmed a “buy” rating and issued a $141.00 target price (up from $129.00) on shares of Crown in a research report on Wednesday, July 22nd. Citigroup boosted their price target on Crown from $137.00 to $139.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Wells Fargo & Company restated a “cautious” rating on shares of Crown in a research note on Monday, October 19th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $128.47.

Crown Trading Up 3.3%

The firm has a fifty day moving average of $112.88 and a 200-day moving average of $108.63. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.71 and a current ratio of 1.14. The stock has a market capitalization of $13.48 billion, a price-to-earnings ratio of 17.37, a P/E/G ratio of 1.54 and a beta of 0.54.

Crown (NYSE:CCK) last issued its quarterly earnings data on Monday, October 19th. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.13. Crown had a return on equity of 27.41% and a net margin of 5.78%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter in the previous year, the firm posted $2.24 earnings per share. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts predict that Crown Holdings, Inc. will post 8.41 earnings per share for the current fiscal year.

Crown Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a $0.35 dividend. The ex-dividend date is Thursday, November 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. Crown’s dividend payout ratio is 19.50%.

Hedge Funds Weigh In On Crown

A number of institutional investors have recently made changes to their positions in the business. Childress Capital Advisors LLC boosted its stake in Crown by 1.4% during the 3rd quarter. Childress Capital Advisors LLC now owns 7,901 shares of the industrial products company’s stock valued at $833,000 after acquiring an additional 108 shares during the last quarter. Anchor Investment Management LLC lifted its holdings in shares of Crown by 5.8% in the 2nd quarter. Anchor Investment Management LLC now owns 1,974 shares of the industrial products company’s stock worth $221,000 after purchasing an additional 109 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Crown by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,838 shares of the industrial products company’s stock worth $585,000 after acquiring an additional 121 shares during the period. Amova Asset Management Americas Inc. grew its position in Crown by 2.1% in the 1st quarter. Amova Asset Management Americas Inc. now owns 5,838 shares of the industrial products company’s stock worth $585,000 after purchasing an additional 121 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in Crown by 13.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,127 shares of the industrial products company’s stock valued at $119,000 after acquiring an additional 133 shares in the last quarter. 90.93% of the stock is owned by institutional investors and hedge funds.

Crown Company Profile

Crown Holdings, Inc (NYSE: CCK) is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown’s products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.