Wall Street brokerages expect Crown Holdings, Inc. (NYSE:CCK) to announce $3.16 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Crown’s earnings, with the highest sales estimate coming in at $3.26 billion and the lowest estimate coming in at $3.06 billion. Crown posted sales of $2.47 billion in the same quarter last year, which suggests a positive year over year growth rate of 27.9%. The firm is expected to report its next quarterly earnings report on Wednesday, October 17th.
On average, analysts expect that Crown will report full year sales of $11.23 billion for the current financial year, with estimates ranging from $11.07 billion to $11.39 billion. For the next financial year, analysts expect that the business will report sales of $11.89 billion per share, with estimates ranging from $11.61 billion to $12.13 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Crown.
Crown (NYSE:CCK) last released its quarterly earnings data on Wednesday, July 18th. The industrial products company reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Crown had a net margin of 3.14% and a return on equity of 58.64%. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the previous year, the firm posted $1.12 EPS. Crown’s revenue was up 41.0% compared to the same quarter last year.
Several brokerages recently issued reports on CCK. Royal Bank of Canada reiterated a “buy” rating and set a $60.00 price target on shares of Crown in a research report on Friday, July 20th. UBS Group reduced their price target on shares of Crown from $59.00 to $50.00 and set a “$44.54” rating on the stock in a research report on Thursday, July 19th. Zacks Investment Research upgraded shares of Crown from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. ValuEngine cut shares of Crown from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Crown from $69.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, July 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Crown has an average rating of “Hold” and an average price target of $59.00.
Shares of NYSE CCK traded up $0.22 during midday trading on Monday, hitting $42.78. 51,510 shares of the company traded hands, compared to its average volume of 2,326,407. Crown has a 12-month low of $40.09 and a 12-month high of $62.27. The company has a debt-to-equity ratio of 8.12, a current ratio of 1.18 and a quick ratio of 0.69. The stock has a market capitalization of $5.79 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.17 and a beta of 1.37.
In other Crown news, Director William S. Urkiel acquired 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The shares were acquired at an average price of $44.30 per share, with a total value of $66,450.00. Following the completion of the purchase, the director now directly owns 44,094 shares of the company’s stock, valued at approximately $1,953,364.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William S. Urkiel acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were acquired at an average cost of $40.25 per share, for a total transaction of $100,625.00. Following the purchase, the director now directly owns 46,594 shares of the company’s stock, valued at $1,875,408.50. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in shares of Crown by 15.3% in the first quarter. BlackRock Inc. now owns 7,945,196 shares of the industrial products company’s stock worth $403,218,000 after buying an additional 1,054,407 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Crown by 66.5% in the first quarter. JPMorgan Chase & Co. now owns 4,773,755 shares of the industrial products company’s stock worth $242,269,000 after buying an additional 1,905,831 shares in the last quarter. FMR LLC lifted its stake in shares of Crown by 478.0% in the second quarter. FMR LLC now owns 3,515,309 shares of the industrial products company’s stock worth $157,345,000 after buying an additional 2,907,112 shares in the last quarter. CI Global Investments Inc. lifted its stake in shares of Crown by 466.7% in the first quarter. CI Global Investments Inc. now owns 3,268,774 shares of the industrial products company’s stock worth $165,890,000 after buying an additional 2,691,929 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Crown by 2.1% in the second quarter. Boston Partners now owns 3,204,988 shares of the industrial products company’s stock worth $143,455,000 after buying an additional 66,751 shares in the last quarter. 94.60% of the stock is currently owned by institutional investors and hedge funds.
Crown Holdings, Inc designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. Its primary products include steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage products; and metal vacuum closures, steel crowns and caps.
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