Envestnet Portfolio Solutions Inc. Sells 921 Shares of Crown Holdings, Inc. $CCK

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 10.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,266 shares of the industrial products company’s stock after selling 921 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Crown were worth $851,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CCK. Invesco Ltd. boosted its stake in shares of Crown by 412.2% during the first quarter. Invesco Ltd. now owns 1,719,296 shares of the industrial products company’s stock valued at $153,464,000 after purchasing an additional 1,383,624 shares in the last quarter. Swedbank AB raised its stake in shares of Crown by 114.7% during the 1st quarter. Swedbank AB now owns 1,476,566 shares of the industrial products company’s stock worth $131,798,000 after acquiring an additional 788,818 shares in the last quarter. Nuveen LLC bought a new position in shares of Crown during the 1st quarter worth approximately $41,360,000. Assenagon Asset Management S.A. raised its stake in shares of Crown by 4,180.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 307,710 shares of the industrial products company’s stock worth $31,688,000 after acquiring an additional 300,521 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Crown by 30.9% during the 1st quarter. Russell Investments Group Ltd. now owns 756,002 shares of the industrial products company’s stock worth $67,478,000 after acquiring an additional 178,273 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors.

Crown Stock Up 1.8%

NYSE:CCK opened at $94.03 on Monday. The company has a market cap of $10.94 billion, a PE ratio of 19.75, a P/E/G ratio of 1.34 and a beta of 0.73. Crown Holdings, Inc. has a twelve month low of $75.98 and a twelve month high of $109.48. The company has a current ratio of 1.06, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. The company’s 50 day moving average is $96.36 and its two-hundred day moving average is $97.34.

Crown (NYSE:CCK) last released its earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.29. The company had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.10 billion. Crown had a net margin of 4.64% and a return on equity of 27.15%. Crown’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.81 EPS. Analysts anticipate that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, August 7th. Crown’s dividend payout ratio is 21.85%.

Analysts Set New Price Targets

CCK has been the subject of several recent analyst reports. Wall Street Zen lowered shares of Crown from a “buy” rating to a “hold” rating in a research note on Saturday. UBS Group reduced their price objective on shares of Crown from $130.00 to $117.00 and set a “buy” rating for the company in a research note on Monday, October 6th. Mizuho reduced their price objective on shares of Crown from $127.00 to $116.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Baird R W lowered shares of Crown from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Finally, Loop Capital boosted their price objective on shares of Crown from $129.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $116.62.

Insiders Place Their Bets

In related news, CEO Timothy J. Donahue sold 13,000 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $100.52, for a total transaction of $1,306,760.00. Following the sale, the chief executive officer directly owned 449,056 shares of the company’s stock, valued at approximately $45,139,109.12. This represents a 2.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Gerard H. Gifford sold 8,222 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $102.93, for a total transaction of $846,290.46. Following the sale, the chief accounting officer directly owned 122,585 shares in the company, valued at $12,617,674.05. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,222 shares of company stock worth $5,873,770 over the last three months. 0.90% of the stock is currently 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.