Crown (NYSE:CCK) Sets New 52-Week High – Here’s What Happened

Crown Holdings, Inc. (NYSE:CCK)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $110.65 and last traded at $110.7890, with a volume of 39501 shares changing hands. The stock had previously closed at $107.78.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Crown in a research report on Monday, December 29th. Wells Fargo & Company lifted their price objective on Crown from $99.00 to $106.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. UBS Group increased their target price on Crown from $125.00 to $126.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $115.00 price target (up previously from $110.00) on shares of Crown in a research note on Wednesday, October 22nd. Finally, Mizuho raised their price objective on Crown from $116.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, October 21st. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.62.

Crown Stock Performance

The company has a current ratio of 1.16, a quick ratio of 0.76 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $12.92 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. The stock has a 50-day simple moving average of $101.75 and a 200-day simple moving average of $99.04.

Insider Activity

In other news, COO Djalma Novaes, Jr. sold 19,754 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $101.02, for a total transaction of $1,995,549.08. Following the transaction, the chief operating officer owned 96,841 shares of the company’s stock, valued at approximately $9,782,877.82. This trade represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 29,024 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $105.00, for a total value of $3,047,520.00. Following the transaction, the chief executive officer directly owned 411,556 shares in the company, valued at approximately $43,213,380. This represents a 6.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,754 shares of company stock worth $6,720,634 in the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

Several institutional investors have recently added to or reduced their stakes in CCK. Sequoia Financial Advisors LLC lifted its position in shares of Crown by 68.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,152 shares of the industrial products company’s stock worth $736,000 after buying an additional 2,912 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in Crown by 45.4% in the fourth quarter. Gateway Investment Advisers LLC now owns 53,682 shares of the industrial products company’s stock worth $5,528,000 after acquiring an additional 16,756 shares during the last quarter. Swedbank AB lifted its holdings in Crown by 1.9% in the fourth quarter. Swedbank AB now owns 2,541,183 shares of the industrial products company’s stock worth $261,666,000 after acquiring an additional 47,613 shares during the last quarter. Truist Financial Corp boosted its stake in Crown by 11.2% in the fourth quarter. Truist Financial Corp now owns 14,899 shares of the industrial products company’s stock valued at $1,534,000 after acquiring an additional 1,499 shares during the period. Finally, Seizert Capital Partners LLC grew its holdings in shares of Crown by 38.5% during the fourth quarter. Seizert Capital Partners LLC now owns 425,306 shares of the industrial products company’s stock valued at $43,794,000 after purchasing an additional 118,304 shares during the last quarter. Institutional investors own 90.93% of the company’s stock.

About Crown

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.