Wells Fargo & Company MN Sells 37,780 Shares of Crown Holdings, Inc. (CCK)

Wells Fargo & Company MN cut its holdings in Crown Holdings, Inc. (NYSE:CCK) by 4.6% during the third quarter, Holdings Channel reports. The fund owned 792,071 shares of the industrial products company’s stock after selling 37,780 shares during the period. Wells Fargo & Company MN’s holdings in Crown were worth $38,021,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CCK. Tower Research Capital LLC TRC bought a new position in shares of Crown during the second quarter worth $187,000. Pennsylvania Trust Co bought a new position in shares of Crown during the third quarter worth $202,000. Oppenheimer Asset Management Inc. bought a new position in shares of Crown during the second quarter worth $218,000. Cornerstone Wealth Management LLC bought a new position in shares of Crown during the second quarter worth $220,000. Finally, Iberiabank Corp bought a new position in shares of Crown during the third quarter worth $240,000.

Shares of CCK stock opened at $47.67 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.68 and a debt-to-equity ratio of 6.82. Crown Holdings, Inc. has a 1 year low of $40.09 and a 1 year high of $62.27. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.33 and a beta of 1.41.

Crown (NYSE:CCK) last issued its quarterly earnings results on Wednesday, October 17th. The industrial products company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.06. Crown had a net margin of 2.81% and a return on equity of 59.62%. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.17 billion. During the same period in the previous year, the business earned $1.46 EPS. The company’s revenue was up 28.6% compared to the same quarter last year. Research analysts expect that Crown Holdings, Inc. will post 5.2 EPS for the current year.

A number of equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Crown from a “sell” rating to a “hold” rating in a report on Monday, August 13th. ValuEngine lowered shares of Crown from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. TheStreet lowered shares of Crown from a “b-” rating to a “c+” rating in a report on Friday, October 26th. KeyCorp restated a “hold” rating on shares of Crown in a report on Thursday, October 18th. Finally, Bank of America raised their price objective on shares of Crown from $51.00 to $57.00 and gave the stock a “hold” rating in a report on Monday, September 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $60.56.

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Crown Profile

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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Institutional Ownership by Quarter for Crown (NYSE:CCK)

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