Stock Traders Buy High Volume of Call Options on Crown (CCK)

Crown Holdings, Inc. (NYSE:CCK) was the target of unusually large options trading activity on Monday. Traders purchased 2,740 call options on the stock. This represents an increase of approximately 1,591% compared to the average volume of 162 call options.

In related news, Director John W. Conway sold 129,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $58.06, for a total transaction of $7,489,740.00. Following the sale, the director now owns 1,156,677 shares in the company, valued at approximately $67,156,666.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CCK. FMR LLC raised its stake in shares of Crown by 48.7% during the fourth quarter. FMR LLC now owns 8,692,722 shares of the industrial products company’s stock valued at $361,357,000 after acquiring an additional 2,846,721 shares during the last quarter. Viking Global Investors LP bought a new position in shares of Crown during the first quarter valued at $110,553,000. CI Investments Inc. bought a new position in shares of Crown during the fourth quarter valued at $75,973,000. Norges Bank bought a new position in shares of Crown during the fourth quarter valued at $69,142,000. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Crown by 47.8% during the third quarter. TIAA CREF Investment Management LLC now owns 4,900,973 shares of the industrial products company’s stock valued at $235,247,000 after acquiring an additional 1,585,959 shares during the last quarter. 98.99% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently issued reports on CCK. Deutsche Bank increased their price target on shares of Crown from $60.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Zacks Investment Research lowered shares of Crown from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Morgan Stanley set a $56.00 price objective on shares of Crown and gave the company a “hold” rating in a research note on Wednesday, April 17th. Wells Fargo & Co set a $70.00 price objective on shares of Crown and gave the company a “hold” rating in a research note on Friday, May 17th. Finally, KeyCorp reissued a “hold” rating on shares of Crown in a research note on Thursday, February 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $60.67.

NYSE:CCK traded down $2.17 on Wednesday, hitting $57.66. The company had a trading volume of 1,760,952 shares, compared to its average volume of 1,009,176. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 1.62 and a beta of 1.66. The company has a debt-to-equity ratio of 5.87, a current ratio of 1.20 and a quick ratio of 0.65. Crown has a 52 week low of $39.05 and a 52 week high of $61.40.

Crown (NYSE:CCK) last released its quarterly earnings results on Wednesday, April 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.05. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.76 billion. Crown had a net margin of 3.86% and a return on equity of 54.33%. The company’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. As a group, analysts expect that Crown will post 5.29 EPS for the current year.

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Crown Company Profile

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.

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