California Public Employees Retirement System Has $18.66 Million Stake in Crown Holdings, Inc. (NYSE:CCK)

California Public Employees Retirement System lowered its holdings in Crown Holdings, Inc. (NYSE:CCK) by 4.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 202,629 shares of the industrial products company’s stock after selling 8,904 shares during the period. California Public Employees Retirement System owned about 0.17% of Crown worth $18,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCK. Jennison Associates LLC acquired a new stake in shares of Crown in the fourth quarter valued at about $29,748,000. Handelsbanken Fonder AB increased its position in shares of Crown by 5.8% during the 4th quarter. Handelsbanken Fonder AB now owns 20,100 shares of the industrial products company’s stock worth $1,851,000 after purchasing an additional 1,100 shares during the last quarter. CWM LLC increased its position in shares of Crown by 28.3% during the 4th quarter. CWM LLC now owns 1,627 shares of the industrial products company’s stock worth $150,000 after purchasing an additional 359 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Crown by 2.1% during the 4th quarter. Federated Hermes Inc. now owns 14,533 shares of the industrial products company’s stock worth $1,338,000 after purchasing an additional 296 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Crown by 4.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 7,472 shares of the industrial products company’s stock valued at $688,000 after buying an additional 300 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCK has been the topic of several analyst reports. Mizuho dropped their price target on shares of Crown from $105.00 to $96.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Wells Fargo & Company reduced 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. Royal Bank of Canada dropped their price objective on Crown from $110.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, February 8th. Truist Financial reiterated 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. Finally, UBS Group started coverage on Crown in a research note on Tuesday, January 16th. They issued a “buy” rating and a $112.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.21.

Crown Price Performance

Shares of Crown stock opened at $81.04 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. Crown Holdings, Inc. has a twelve month low of $69.61 and a twelve month high of $96.35. The company has a 50-day simple moving average of $77.60 and a two-hundred day simple moving average of $82.60.

Crown (NYSE:CCK) last released its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. The company had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.93 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share. Analysts forecast that Crown Holdings, Inc. will post 5.9 EPS for the current year.

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.25 per share. This is a positive change from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Wednesday, March 13th. Crown’s dividend payout ratio is 26.60%.

Crown 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.