Crown Holdings Inc. (NYSE:CCK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Crown Holdings remains concerned and expects that in North American food, segment income continues to be affected by lower soup volumes and a slight delay in the early fruit pack. The company also expects income from China to decline because of the walking away from certain businesses. Pricing also remains quite challenging in China. Further, it anticipates the Middle East to persistently face challenges as several of the borders are closed and remain closed. Crown Holdings’ results will be hurt by volatile aluminum and steel prices, adverse weather condition and stiff competition. Lower production activity in Europe also remains as headwind.”
Several other research firms have also recently weighed in on CCK. Deutsche Bank AG set a $55.00 price objective on Crown Holdings and gave the stock a “hold” rating in a research report on Sunday, July 24th. Royal Bank Of Canada started coverage on Crown Holdings in a research report on Friday, September 30th. They set an “outperform” rating and a $65.00 price objective for the company. BMO Capital Markets raised Crown Holdings from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $56.00 to $65.00 in a research report on Monday, September 26th. They noted that the move was a valuation call. Credit Suisse Group AG set a $58.00 price objective on Crown Holdings and gave the stock a “hold” rating in a research report on Tuesday, July 19th. Finally, Barclays PLC upped their price objective on Crown Holdings from $62.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.38.
Crown Holdings (NYSE:CCK) opened at 55.26 on Thursday. The company has a market capitalization of $7.65 billion, a P/E ratio of 16.95 and a beta of 1.32. The firm has a 50-day moving average price of $55.04 and a 200 day moving average price of $53.06. Crown Holdings has a 12 month low of $43.30 and a 12 month high of $57.46.
Crown Holdings (NYSE:CCK) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.08. The company earned $2.14 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Crown Holdings had a return on equity of 106.65% and a net margin of 5.34%. Crown Holdings’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 earnings per share. Analysts expect that Crown Holdings will post $3.93 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Crown Holdings by 3.4% in the second quarter. Vanguard Group Inc. now owns 10,693,766 shares of the company’s stock worth $541,853,000 after buying an additional 352,102 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Crown Holdings by 2.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,758,534 shares of the company’s stock worth $190,445,000 after buying an additional 91,783 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Crown Holdings by 13.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 3,426,675 shares of the company’s stock worth $169,929,000 after buying an additional 400,000 shares during the last quarter. State Street Corp boosted its stake in Crown Holdings by 3.6% in the first quarter. State Street Corp now owns 2,475,975 shares of the company’s stock worth $122,800,000 after buying an additional 85,999 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Crown Holdings by 4.0% in the second quarter. TIAA CREF Investment Management LLC now owns 1,814,731 shares of the company’s stock worth $91,952,000 after buying an additional 70,500 shares during the last quarter. 88.82% of the stock is owned by institutional investors.
About Crown Holdings
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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