Truist Increases Crown (NYSE:CCK) Price Target to $147.00

Crown (NYSE:CCK) had its price objective hoisted by Truist from $138.00 to $147.00 in a report released on Wednesday morning, The Fly reports.

Several other research firms also recently commented on CCK. Mizuho started coverage on shares of Crown in a report on Tuesday, October 12th. They set a buy rating and a $129.00 price objective for the company. Loop Capital started coverage on shares of Crown in a report on Tuesday, October 5th. They issued a buy rating and a $165.00 price target for the company. Jefferies Financial Group started coverage on shares of Crown in a report on Wednesday, September 15th. They issued a buy rating and a $137.00 price target for the company. Barclays started coverage on shares of Crown in a report on Monday, September 20th. They issued an overweight rating and a $140.00 price target for the company. Finally, Truist Securities started coverage on shares of Crown in a report on Tuesday, September 14th. They issued a buy rating and a $138.00 price target for the company. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Crown currently has an average rating of Buy and a consensus target price of $133.00.

CCK opened at $113.13 on Wednesday. The firm has a 50-day simple moving average of $108.50 and a two-hundred day simple moving average of $105.92. Crown has a 52 week low of $85.65 and a 52 week high of $114.55. The company has a market capitalization of $14.47 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 2.87 and a beta of 1.17. The company has a quick ratio of 0.80, a current ratio of 1.10 and a debt-to-equity ratio of 2.09.

Crown (NYSE:CCK) last released its quarterly earnings data on Sunday, October 24th. The industrial products company reported $2.03 EPS for the quarter, beating the consensus estimate of $1.97 by $0.06. Crown had a net margin of 5.01% and a return on equity of 36.22%. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the firm earned $1.96 EPS. The business’s revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts expect that Crown will post 7.54 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 26th. Stockholders of record on Friday, November 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Wednesday, November 10th. Crown’s dividend payout ratio (DPR) is presently 18.06%.

Crown declared that its Board of Directors has approved a share buyback program on Thursday, December 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 22.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Several large investors have recently modified their holdings of the company. Koshinski Asset Management Inc. purchased a new position in shares of Crown during the fourth quarter worth approximately $66,000. McElhenny Sheffield Capital Management LLC increased its position in shares of Crown by 0.9% during the fourth quarter. McElhenny Sheffield Capital Management LLC now owns 11,100 shares of the industrial products company’s stock worth $1,228,000 after acquiring an additional 100 shares during the period. Zeke Capital Advisors LLC increased its position in shares of Crown by 2.5% during the third quarter. Zeke Capital Advisors LLC now owns 5,039 shares of the industrial products company’s stock worth $508,000 after acquiring an additional 123 shares during the period. Mcdonald Partners LLC increased its holdings in Crown by 10.3% during the third quarter. Mcdonald Partners LLC now owns 2,553 shares of the industrial products company’s stock valued at $257,000 after buying an additional 238 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Crown by 3.9% during the third quarter. Bank of New York Mellon Corp now owns 698,881 shares of the industrial products company’s stock valued at $70,433,000 after buying an additional 26,227 shares during the period. 87.16% of the stock is currently owned by institutional investors and hedge funds.

Crown Company Profile

Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans; beverage, promotional, and transit packaging; closures and capping; and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.

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