Massachusetts Financial Services Co. MA Reduces Holdings in Crown Holdings, Inc. (NYSE:CCK)

Massachusetts Financial Services Co. MA lessened its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,649,472 shares of the industrial products company’s stock after selling 16,531 shares during the period. Massachusetts Financial Services Co. MA owned 1.37% of Crown worth $122,704,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Crown during the 1st quarter valued at $27,000. Mather Group LLC. purchased a new position in shares of Crown during the 1st quarter valued at $32,000. Quest Partners LLC purchased a new stake in Crown during the 4th quarter worth about $34,000. Quarry LP lifted its holdings in Crown by 190.3% during the 4th quarter. Quarry LP now owns 421 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 276 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Crown during the 1st quarter worth about $41,000. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CCK. Bank of America increased their price objective on Crown from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Loop Capital increased their price objective on Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company increased their price objective on Crown from $85.00 to $88.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. StockNews.com cut Crown from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Finally, Truist Financial upped their target price on Crown from $88.00 to $95.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.14.

Crown Price Performance

Shares of Crown stock opened at $93.12 on Thursday. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $11.24 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 2.13 and a beta of 0.85. The business’s 50-day moving average price is $86.68 and its 200-day moving average price is $81.87. Crown Holdings, Inc. has a 12 month low of $69.61 and a 12 month high of $93.79.

Crown (NYSE:CCK) last posted its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.22. Crown had a return on equity of 23.96% and a net margin of 3.68%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same period last year, the company earned $1.68 EPS. Crown’s revenue for the quarter was down 2.2% compared to the same quarter last year. Sell-side analysts forecast that Crown Holdings, Inc. will post 6.15 EPS for the current fiscal year.

Crown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a yield of 1.07%. Crown’s payout ratio is 28.82%.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $90.58, for a total transaction of $679,350.00. Following the transaction, the chief executive officer now directly owns 578,678 shares in the company, valued at approximately $52,416,653.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the sale, the chief executive officer now owns 593,678 shares in the company, valued at approximately $50,480,440.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $90.58, for a total value of $679,350.00. Following the completion of the sale, the chief executive officer now owns 578,678 shares of the company’s stock, valued at approximately $52,416,653.24. The disclosure for this sale can be found here. Insiders have sold a total of 30,000 shares of company stock worth $2,598,675 in the last ninety days. 0.90% of the stock is owned by insiders.

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.