Crown (NYSE:CCK) Shares Gap Up After Strong Earnings

Crown Holdings, Inc. (NYSE:CCK)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $85.10, but opened at $91.77. Crown shares last traded at $87.27, with a volume of 159,530 shares traded.

The industrial products company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.08. Crown had a net margin of 0.83% and a return on equity of 24.57%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Bank of America cut their price objective on Crown from $107.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com lowered Crown from a “buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Robert W. Baird upped their price objective on Crown from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Truist Financial lifted their target price on shares of Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, Loop Capital upped their price target on shares of Crown from $120.00 to $129.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Crown has a consensus rating of “Moderate Buy” and an average target price of $105.46.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its position in shares of Crown by 21.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,273 shares of the industrial products company’s stock worth $243,000 after purchasing an additional 577 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Crown in the second quarter worth approximately $457,000. SG Americas Securities LLC acquired a new stake in Crown in the third quarter valued at approximately $1,203,000. Handelsbanken Fonder AB increased its holdings in shares of Crown by 7.4% during the third quarter. Handelsbanken Fonder AB now owns 29,000 shares of the industrial products company’s stock valued at $2,781,000 after acquiring an additional 2,000 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Crown by 110.9% during the third quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

Crown Trading Up 2.5 %

The business has a fifty day moving average of $85.66 and a 200-day moving average of $89.23. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21. The company has a market capitalization of $10.43 billion, a P/E ratio of 107.68, a PEG ratio of 1.70 and a beta of 0.87.

Crown Company Profile

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.