Wells Fargo & Company Issues Pessimistic Forecast for Crown (NYSE:CCK) Stock Price

Crown (NYSE:CCK - Get Free Report) had its price target reduced by stock analysts at Wells Fargo & Company from $105.00 to $88.00 in a report released on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the industrial products company's stock. Wells Fargo & Company's price target would indicate a potential upside of 9.97% from the stock's current price.

CCK has been the topic of several other reports. Mizuho set a $110.00 target price on Crown in a research report on Friday, October 18th. Morgan Stanley raised their price target on Crown from $105.00 to $109.00 and gave the company an "equal weight" rating in a report on Monday, October 21st. Loop Capital upped their price objective on shares of Crown from $120.00 to $129.00 and gave the stock a "buy" rating in a report on Monday, October 21st. StockNews.com raised shares of Crown from a "hold" rating to a "buy" rating in a research note on Thursday. Finally, Truist Financial upped their price target on shares of Crown from $103.00 to $104.00 and gave the stock a "hold" rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $105.38.

Crown Stock Performance

NYSE CCK traded down $0.52 during trading hours on Monday, hitting $80.02. The company had a trading volume of 1,016,377 shares, compared to its average volume of 868,692. The company has a quick ratio of 0.84, a current ratio of 1.21 and a debt-to-equity ratio of 2.19. The firm has a market cap of $9.57 billion, a P/E ratio of 98.79, a price-to-earnings-growth ratio of 1.95 and a beta of 0.86. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $98.46. The business has a fifty day simple moving average of $88.83 and a 200-day simple moving average of $87.77.

Crown (NYSE:CCK - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, topping analysts' consensus estimates of $1.81 by $0.18. Crown had a net margin of 0.83% and a return on equity of 24.57%. The business had revenue of $3.07 billion for the quarter, compared to analysts' expectations of $3.07 billion. Equities analysts predict that Crown will post 6.34 EPS for the current year.

Insider Activity at Crown

In other news, COO Gerard H. Gifford sold 10,000 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $95.89, for a total value of $958,900.00. Following the completion of the sale, the chief operating officer now owns 114,402 shares in the company, valued at $10,970,007.78. This represents a 8.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total value of $725,475.00. Following the completion of the sale, the chief executive officer now directly owns 563,678 shares of the company's stock, valued at approximately $54,524,572.94. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crown

Several hedge funds have recently bought and sold shares of CCK. FMR LLC increased its holdings in shares of Crown by 9.3% in the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company's stock valued at $842,556,000 after purchasing an additional 749,085 shares during the period. Victory Capital Management Inc. grew its position in Crown by 7.8% during the third quarter. Victory Capital Management Inc. now owns 5,676,902 shares of the industrial products company's stock valued at $544,301,000 after purchasing an additional 412,973 shares in the last quarter. State Street Corp increased its stake in Crown by 1.8% in the 3rd 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 period. Sessa Capital IM L.P. lifted its position 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 buying an additional 1,989,374 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Crown by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,061,869 shares of the industrial products company's stock valued at $197,242,000 after buying an additional 82,764 shares during the period. 90.93% of the stock is owned by hedge funds and other institutional investors.

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.