Zacks Investment Research Downgrades Crown Holdings Inc. (CCK) to Sell
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.”
A number of other brokerages have also recently issued reports on CCK. Deutsche Bank AG set a $55.00 target price on Crown Holdings and gave the stock a “hold” rating in a report on Sunday, July 24th. Royal Bank Of Canada started coverage on Crown Holdings in a report on Friday, September 30th. They issued an “outperform” rating and a $65.00 target price on the stock. BMO Capital Markets upgraded Crown Holdings from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $56.00 to $65.00 in a report on Monday, September 26th. They noted that the move was a valuation call. Credit Suisse Group AG set a $58.00 target price on Crown Holdings and gave the stock a “hold” rating in a report on Tuesday, July 19th. Finally, Barclays PLC increased their price target on Crown Holdings from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. Crown Holdings currently has a consensus rating of “Buy” and an average price target of $60.38.
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Crown Holdings (NYSE:CCK) traded down 0.52% during trading on Thursday, reaching $55.19. 1,047,181 shares of the company’s stock were exchanged. Crown Holdings has a 12 month low of $43.30 and a 12 month high of $57.46. The firm’s 50-day moving average price is $54.94 and its 200-day moving average price is $53.00. The firm has a market cap of $7.64 billion, a price-to-earnings ratio of 16.93 and a beta of 1.32.
Crown Holdings (NYSE:CCK) last issued its earnings results on Wednesday, July 20th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.08. Crown Holdings had a return on equity of 106.65% and a net margin of 5.34%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $1.03 EPS. Crown Holdings’s quarterly revenue was down 6.0% compared to the same quarter last year. On average, equities research analysts anticipate that Crown Holdings will post $3.93 EPS for the current year.
A number of large investors have recently made changes to their positions in CCK. BlackRock Japan Co. Ltd raised its stake in shares of Crown Holdings by 1.1% in the first quarter. BlackRock Japan Co. Ltd now owns 166,452 shares of the company’s stock valued at $8,254,000 after buying an additional 1,870 shares during the period. Renaissance Technologies LLC raised its stake in shares of Crown Holdings by 2,239.6% in the first quarter. Renaissance Technologies LLC now owns 779,100 shares of the company’s stock valued at $38,636,000 after buying an additional 745,800 shares during the period. Magnetar Financial LLC purchased a new stake in shares of Crown Holdings during the first quarter valued at $389,000. First Manhattan Co. raised its stake in shares of Crown Holdings by 2.9% in the second quarter. First Manhattan Co. now owns 3,089 shares of the company’s stock valued at $156,000 after buying an additional 88 shares during the period. Finally, Marshall & Sullivan Inc. WA raised its stake in shares of Crown Holdings by 1.8% in the first quarter. Marshall & Sullivan Inc. WA now owns 54,671 shares of the company’s stock valued at $2,711,000 after buying an additional 984 shares during the period. 88.81% 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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