Sterling Capital Management LLC Cuts Position in Crown Holdings, Inc. (NYSE:CCK)

Sterling Capital Management LLC decreased its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 75.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,502 shares of the industrial products company’s stock after selling 226,820 shares during the period. Sterling Capital Management LLC’s holdings in Crown were worth $6,243,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina raised its stake in shares of Crown by 0.4% during the fourth quarter. Treasurer of the State of North Carolina now owns 52,813 shares of the industrial products company’s stock worth $4,367,000 after acquiring an additional 230 shares in the last quarter. Bessemer Group Inc. raised its position in Crown by 0.4% in the 4th quarter. Bessemer Group Inc. now owns 34,061 shares of the industrial products company’s stock worth $2,816,000 after purchasing an additional 138 shares during the period. Raymond James Financial Inc. bought a new stake in Crown in the fourth quarter worth $8,466,000. APG Asset Management N.V. boosted its position in Crown by 251.0% during the fourth quarter. APG Asset Management N.V. now owns 90,075 shares of the industrial products company’s stock valued at $7,193,000 after buying an additional 64,413 shares during the period. Finally, Greenland Capital Management LP bought a new position in shares of Crown during the fourth quarter valued at about $426,000. Institutional investors own 90.93% of the company’s stock.

Analyst Upgrades and Downgrades

CCK has been the subject of a number of recent research reports. Truist Financial boosted their target price on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Royal Bank of Canada boosted their price objective on Crown from $113.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Mizuho cut their target price on shares of Crown from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. Morgan Stanley upgraded shares of Crown from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $109.00 to $105.00 in a report on Monday, January 13th. Finally, Citigroup boosted their price objective on shares of Crown from $110.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $106.00.

Crown Trading Up 2.1 %

Shares of CCK opened at $83.75 on Friday. Crown Holdings, Inc. has a 1-year low of $70.84 and a 1-year high of $98.46. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 1.56 and a beta of 0.79. The firm’s 50-day moving average price is $87.56 and its 200-day moving average price is $88.83. The company has a current ratio of 1.22, a quick ratio of 0.80 and a debt-to-equity ratio of 1.88.

Crown (NYSE:CCK) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.08. Crown had a return on equity of 25.12% and a net margin of 3.59%. Sell-side analysts anticipate that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were issued a $0.26 dividend. This is an increase from Crown’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.04 dividend on an annualized basis and a yield of 1.24%. Crown’s dividend payout ratio is 29.21%.

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.