Crown (NYSE:CCK) Shares Gap Up After Better-Than-Expected Earnings

Crown Holdings, Inc. (NYSE:CCK - Get Free Report) shares gapped up prior to trading 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 changing hands.

The industrial products company reported $1.59 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.08. Crown had a net margin of 3.59% and a return on equity of 25.12%.

Analyst Ratings Changes

Several research firms have issued reports on CCK. Citigroup upped their target price on shares of Crown from $110.00 to $111.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Royal Bank of Canada raised their target price on shares of Crown from $113.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday. Truist Financial boosted their target price on shares of Crown from $103.00 to $104.00 and gave the company a "hold" rating in a research note on Monday, January 6th. Morgan Stanley upgraded Crown from an "equal weight" rating to an "overweight" rating and dropped their price target for the stock from $109.00 to $105.00 in a research note on Monday, January 13th. Finally, StockNews.com upgraded Crown from a "hold" rating to a "buy" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $105.69.

Hedge Funds Weigh In On Crown

Several hedge funds have recently modified their holdings of CCK. FMR LLC lifted its stake in Crown by 9.3% in the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company's stock worth $842,556,000 after purchasing an additional 749,085 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Crown by 1.8% in the fourth quarter. Victory Capital Management Inc. now owns 5,779,691 shares of the industrial products company's stock worth $477,923,000 after buying an additional 102,789 shares in the last quarter. State Street Corp boosted its stake in 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 buying an additional 69,260 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Crown by 10,138.8% during the 4th quarter. Pacer Advisors Inc. now owns 3,105,118 shares of the industrial products company's stock valued at $256,762,000 after buying an additional 3,074,791 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Crown by 10.5% in the 4th 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 acquiring an additional 283,014 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company's stock.

Crown Stock Up 1.4 %

The company has a fifty day moving average price of $85.45 and a 200-day moving average price of $89.34. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.84 and a current ratio of 1.22. The firm has a market capitalization of $10.55 billion, a PE ratio of 24.77, a PEG ratio of 1.68 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.