Morgan Stanley Boosts Crown (NYSE:CCK) Price Target to $105.00

Crown (NYSE:CCK) had its price objective increased by Morgan Stanley from $92.00 to $105.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the industrial products company’s stock.

CCK has been the topic of several other research reports. UBS Group dropped their target price on shares of Crown from $112.00 to $91.00 and set a buy rating on the stock in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price objective on Crown from $85.00 to $88.00 and gave the company an equal weight rating in a research report on Wednesday, July 24th. Loop Capital lifted their target price on Crown from $106.00 to $120.00 and gave the stock a buy rating in a report on Wednesday, July 24th. Truist Financial upped their price target on Crown from $88.00 to $95.00 and gave the company a hold rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada lifted their price objective on Crown from $96.00 to $105.00 and gave the stock an outperform rating in a report on Friday, July 26th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Crown currently has a consensus rating of Moderate Buy and an average target price of $101.14.

Crown Stock Performance

Crown stock opened at $90.34 on Wednesday. Crown has a twelve month low of $69.61 and a twelve month high of $93.79. The company has a quick ratio of 0.73, a current ratio of 1.05 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $10.91 billion, a P/E ratio of 26.03, a PEG ratio of 2.14 and a beta of 0.85. The stock’s 50 day moving average is $83.07 and its 200 day moving average is $80.78.

Crown (NYSE:CCK) last released its earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 earnings per share. On average, equities research analysts predict that Crown will post 6.16 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Thursday, August 15th. Crown’s payout ratio is 28.82%.

Insider Buying and Selling

In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the sale, the chief executive officer now owns 593,678 shares in the company, valued at $50,480,440.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total value of $643,875.00. Following the completion of the transaction, the chief executive officer now directly owns 586,178 shares in the company, valued at $50,323,381.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Donahue sold 15,000 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the completion of the sale, the chief executive officer now directly owns 593,678 shares of the company’s stock, valued at $50,480,440.34. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Crown by 1.5% in the first quarter. Vanguard Group Inc. now owns 12,002,342 shares of the industrial products company’s stock valued at $951,306,000 after acquiring an additional 176,639 shares in the last quarter. Sessa Capital IM L.P. boosted its stake in Crown by 153.0% in the 2nd quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after purchasing an additional 1,989,374 shares during the period. William Blair Investment Management LLC boosted its stake in Crown by 2.0% in the 1st quarter. William Blair Investment Management LLC now owns 2,826,399 shares of the industrial products company’s stock worth $224,020,000 after purchasing an additional 56,604 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Crown by 7.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,536,995 shares of the industrial products company’s stock valued at $233,632,000 after buying an additional 186,387 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Crown by 31.5% in the second quarter. 1832 Asset Management L.P. now owns 1,976,500 shares of the industrial products company’s stock worth $147,032,000 after buying an additional 473,000 shares in the last quarter. Institutional investors own 90.93% of the company’s stock.

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.