Traders Buy Large Volume of Put Options on Crown (NYSE:CCK)

Crown Holdings, Inc. (NYSE:CCK) saw some unusual options trading activity on Thursday. Traders acquired 2,316 put options on the company. This represents an increase of 55% compared to the typical daily volume of 1,498 put options.

Crown Price Performance

CCK opened at $87.22 on Friday. The firm’s fifty day moving average price is $85.66 and its two-hundred day moving average price is $89.23. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.21 and a quick ratio of 0.84. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of 107.68, a P/E/G ratio of 1.70 and a beta of 0.87. Crown has a 1 year low of $70.84 and a 1 year high of $98.46.

Crown (NYSE:CCK) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share for the quarter, topping 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%. As a group, analysts anticipate that Crown will post 6.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crown

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Crown by 9.3% during the third quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock valued at $842,556,000 after buying an additional 749,085 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Crown by 1.8% during the fourth quarter. Victory Capital Management Inc. now owns 5,779,691 shares of the industrial products company’s stock valued at $477,923,000 after acquiring an additional 102,789 shares in the last quarter. State Street Corp raised its holdings in shares of Crown by 1.8% during the third quarter. State Street Corp now owns 4,000,402 shares of the industrial products company’s stock valued at $383,559,000 after acquiring an additional 69,260 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Crown by 10,138.8% during the fourth quarter. Pacer Advisors Inc. now owns 3,105,118 shares of the industrial products company’s stock valued at $256,762,000 after acquiring an additional 3,074,791 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Crown by 10.5% in the fourth quarter. Bank of New York Mellon Corp now owns 2,967,810 shares of the industrial products company’s stock worth $245,408,000 after purchasing an additional 283,014 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on CCK. StockNews.com downgraded shares of Crown from a “buy” rating to a “hold” rating in a research report on Tuesday, January 28th. Truist Financial raised their price target on shares of Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Wells Fargo & Company lowered their price objective on shares of Crown from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Bank of America lowered their price objective on shares of Crown from $107.00 to $101.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Morgan Stanley raised shares of Crown from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $109.00 to $105.00 in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $105.46.

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.