Royal Bank of Canada Raises Crown (NYSE:CCK) Price Target to $113.00

Crown (NYSE:CCK) had its price objective boosted by Royal Bank of Canada from $105.00 to $113.00 in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

Several other brokerages also recently weighed in on CCK. Citigroup upped their target price on shares of Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their price objective on Crown from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Truist Financial upped their price target on Crown from $95.00 to $103.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th. Mizuho set a $110.00 price objective on shares of Crown in a research report on Friday, October 18th. Finally, Loop Capital raised their target price on Crown from $120.00 to $129.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $106.62.

Crown Price Performance

CCK opened at $93.68 on Wednesday. The firm has a market cap of $11.31 billion, a price-to-earnings ratio of 27.00, a PEG ratio of 2.19 and a beta of 0.86. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. The stock’s 50-day moving average price is $92.52 and its 200 day moving average price is $84.99. Crown has a 12-month low of $69.61 and a 12-month high of $98.46.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be paid a $0.25 dividend. The ex-dividend date is Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.07%. Crown’s dividend payout ratio is presently 28.82%.

Insider Activity

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $85.85, for a total transaction of $643,875.00. Following the completion of the sale, the chief executive officer now directly owns 586,178 shares of the company’s stock, valued at $50,323,381.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Gerard H. Gifford sold 10,000 shares of Crown stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $95.89, for a total value of $958,900.00. Following the sale, the chief operating officer now owns 114,402 shares of the company’s stock, valued at $10,970,007.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $85.85, for a total transaction of $643,875.00. Following the transaction, the chief executive officer now directly owns 586,178 shares of the company’s stock, valued at $50,323,381.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,506 shares of company stock valued at $3,075,799. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Crown

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in 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 acquiring an additional 163 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Crown during the first quarter worth about $41,000. Trivant Custom Portfolio Group LLC purchased a new stake in shares of Crown during the first quarter worth about $43,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Crown in the third quarter valued at approximately $55,000. Finally, Blue Trust Inc. lifted its stake in shares of Crown by 172.6% during the second quarter. Blue Trust Inc. now owns 608 shares of the industrial products company’s stock valued at $48,000 after buying an additional 385 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

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.