PNC Financial Services Group Inc. Increases Stock Position in Crown Holdings, Inc. (NYSE:CCK)

PNC Financial Services Group Inc. increased its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,344 shares of the industrial products company’s stock after buying an additional 1,052 shares during the period. PNC Financial Services Group Inc.’s holdings in Crown were worth $3,071,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC purchased a new stake in shares of Crown during the fourth quarter worth about $26,000. Quest Partners LLC acquired a new position in shares of Crown in the 4th quarter valued at approximately $34,000. Quarry LP boosted its stake in shares of Crown by 190.3% during the 4th quarter. Quarry LP now owns 421 shares of the industrial products company’s stock valued at $39,000 after buying an additional 276 shares during the last quarter. Picton Mahoney Asset Management grew its position in shares of Crown by 14.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,181 shares of the industrial products company’s stock worth $109,000 after buying an additional 145 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Crown by 28.3% in the fourth quarter. CWM LLC now owns 1,627 shares of the industrial products company’s stock worth $150,000 after buying an additional 359 shares during the last quarter. Institutional investors and hedge funds own 90.93% of the company’s stock.

Insider Activity

In related news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the sale, the chief executive officer now owns 616,178 shares of the company’s stock, valued at $52,486,042.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director James H. Miller sold 9,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total value of $746,370.00. Following the sale, the director now owns 12,884 shares of the company’s stock, valued at approximately $1,068,470.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Donahue sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the transaction, the chief executive officer now directly owns 616,178 shares of the company’s stock, valued at approximately $52,486,042.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,000 shares of company stock valued at $3,300,420. Company insiders own 0.90% of the company’s stock.

Crown Stock Down 2.0 %

CCK stock opened at $76.44 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 2.26. The firm’s 50-day simple moving average is $81.48 and its 200 day simple moving average is $82.79. The stock has a market cap of $9.23 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 2.06 and a beta of 0.88. Crown Holdings, Inc. has a fifty-two week low of $69.61 and a fifty-two week high of $96.35.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. Crown’s revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 earnings per share. As a group, sell-side analysts predict that Crown Holdings, Inc. will post 5.95 EPS for the current year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th will be paid a $0.25 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.31%. Crown’s payout ratio is 28.82%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CCK. Wolfe Research started coverage on shares of Crown in a report on Friday, March 1st. They set an “outperform” rating and a $102.00 price objective for the company. Truist Financial reissued a “hold” rating and issued a $88.00 price objective (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. Robert W. Baird lifted their target price on Crown from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company upped their price target on Crown from $76.00 to $84.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 1st. Finally, Loop Capital boosted their target price on shares of Crown from $101.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.29.

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.