Cannell & Co. Raises Holdings in Crown Holdings, Inc. (NYSE:CCK)

Cannell & Co. boosted its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 44.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 195,127 shares of the industrial products company’s stock after acquiring an additional 60,510 shares during the quarter. Cannell & Co. owned 0.16% of Crown worth $17,969,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CCK. BluePath Capital Management LLC purchased a new stake in shares of Crown during the third quarter worth $25,000. Sound Income Strategies LLC acquired a new stake in Crown in the 4th quarter valued at about $26,000. Fifth Third Bancorp lifted its stake in Crown by 46.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,009 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 318 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Crown by 53.9% during the 3rd quarter. Picton Mahoney Asset Management now owns 1,036 shares of the industrial products company’s stock worth $92,000 after purchasing an additional 363 shares during the last quarter. Finally, Steph & Co. purchased a new stake in shares of Crown in the third quarter valued at approximately $111,000. 90.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on CCK. Truist Financial reaffirmed a “hold” rating and set a $88.00 target price (down from $100.00) on shares of Crown in a research note on Wednesday, March 27th. JPMorgan Chase & Co. upped their price objective on Crown from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank of Canada reduced their target price on Crown from $110.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, February 8th. Wells Fargo & Company lowered their price target on Crown from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Finally, Wolfe Research assumed coverage on shares of Crown in a report on Friday, March 1st. They issued an “outperform” rating and a $102.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Crown currently has a consensus rating of “Moderate Buy” and an average target price of $100.29.

Crown Stock Performance

CCK traded up $1.34 during trading on Wednesday, hitting $83.41. 566,649 shares of the stock were exchanged, compared to its average volume of 1,240,267. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $96.35. The stock has a fifty day moving average price of $77.78 and a two-hundred day moving average price of $82.62. The firm has a market capitalization of $10.08 billion, a P/E ratio of 23.91, a PEG ratio of 2.75 and a beta of 0.91.

Crown (NYSE:CCK) last issued its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.06. Crown had a return on equity of 24.23% and a net margin of 3.51%. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, sell-side analysts predict that Crown Holdings, Inc. will post 5.9 earnings per share for the current year.

Crown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.20%. This is a positive change from Crown’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 13th. Crown’s payout ratio is 28.82%.

Insider Activity at Crown

In related news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the transaction, the chief executive officer now owns 616,178 shares of the company’s stock, valued at $52,486,042.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.90% of the stock is owned by insiders.

Crown Company Profile

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.