HighTower Advisors LLC cut its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 41.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,715 shares of the industrial products company’s stock after selling 4,030 shares during the period. HighTower Advisors LLC’s holdings in Crown were worth $583,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in CCK. Marshall Wace LLP acquired a new position in Crown during the 1st quarter valued at about $321,000. First Trust Advisors LP raised its position in shares of Crown by 2.5% in the 1st quarter. First Trust Advisors LP now owns 75,709 shares of the industrial products company’s stock valued at $4,131,000 after acquiring an additional 1,844 shares during the period. Victory Capital Management Inc. raised its position in shares of Crown by 0.9% in the 1st quarter. Victory Capital Management Inc. now owns 59,717 shares of the industrial products company’s stock valued at $5,795,000 after acquiring an additional 561 shares during the period. Commonwealth Equity Services LLC acquired a new stake in shares of Crown in the 1st quarter valued at approximately $759,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Crown by 14.5% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 29,015 shares of the industrial products company’s stock valued at $2,816,000 after acquiring an additional 3,675 shares during the period. Institutional investors own 86.19% of the company’s stock.
In other Crown news, insider Hock Huat Goh sold 3,735 shares of the firm’s stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $110.21, for a total transaction of $411,634.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John W. Conway sold 370 shares of the firm’s stock in a transaction on Wednesday, July 28th. The shares were sold at an average price of $100.03, for a total value of $37,011.10. Following the sale, the director now directly owns 1,031,407 shares of the company’s stock, valued at approximately $103,171,642.21. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
Crown (NYSE:CCK) last released its earnings results on Sunday, July 18th. The industrial products company reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.36. Crown had a net margin of 5.84% and a return on equity of 38.22%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same period last year, the business earned $1.33 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that Crown Holdings, Inc. will post 7.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Investors of record on Thursday, August 5th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $0.80 annualized dividend and a dividend yield of 0.76%. Crown’s dividend payout ratio is presently 13.51%.
A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Crown in a research report on Wednesday, September 15th. They issued a “buy” rating and a $137.00 price target on the stock. BMO Capital Markets cut Crown from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $125.00 to $110.00 in a research note on Wednesday, May 26th. Truist Securities initiated coverage on Crown in a research note on Tuesday, September 14th. They set a “buy” rating and a $138.00 target price for the company. Barclays initiated coverage on Crown in a research note on Monday. They set an “overweight” rating and a $140.00 target price for the company. Finally, Truist initiated coverage on Crown in a research note on Monday, September 13th. They set a “positive” rating and a $138.00 target price for the company. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crown currently has an average rating of “Buy” and a consensus target price of $121.94.
Crown Company Profile
Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans; beverage, promotional, and transit packaging; closures and capping; and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.
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