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.

The industrial products company reported $1.59 earnings per share (EPS) 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 Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Crown from $110.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, January 6th. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a report on Friday. Mizuho reduced their target price on Crown from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. Loop Capital boosted their price target on Crown from $120.00 to $129.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Morgan Stanley upgraded shares of Crown from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $109.00 to $105.00 in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $105.92.

Hedge Funds Weigh In On Crown

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings 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 buying an additional 163 shares in the last quarter. Covestor Ltd grew its position in Crown by 156.5% during the 3rd quarter. Covestor Ltd now owns 454 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 277 shares during the last quarter. Brooklyn Investment Group acquired a new position in Crown in the 3rd quarter worth about $44,000. Catalyst Capital Advisors LLC bought a new position in Crown in the third quarter valued at about $48,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Crown during the third quarter valued at about $55,000. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Crown Stock Performance

The company has a fifty day moving average price of $85.55 and a two-hundred day moving average price of $89.21. 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 $10.41 billion, a P/E ratio of 107.42, a PEG ratio of 1.70 and a beta of 0.87.

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.