Appian Way Asset Management LP Takes Position in Crown Holdings, Inc. (NYSE:CCK)

Appian Way Asset Management LP acquired a new stake in shares of Crown Holdings, Inc. (NYSE:CCK) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 14,916 shares of the industrial products company’s stock, valued at approximately $1,110,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of Crown by 6.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,753 shares of the industrial products company’s stock valued at $205,000 after purchasing an additional 158 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Crown by 6.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,464 shares of the industrial products company’s stock valued at $227,000 after acquiring an additional 160 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Crown by 36.1% in the 2nd quarter. Fifth Third Bancorp now owns 664 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 176 shares during the last quarter. Verdence Capital Advisors LLC boosted its position in shares of Crown by 3.7% during the 1st quarter. Verdence Capital Advisors LLC now owns 5,348 shares of the industrial products company’s stock valued at $424,000 after purchasing an additional 193 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Crown by 5.4% in the 2nd quarter. CIBC Asset Management Inc now owns 4,079 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 209 shares during the last quarter. Institutional investors own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CCK shares. Bank of America raised their target price on shares of Crown from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company lifted their target price on Crown from $85.00 to $88.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. UBS Group reduced their target price on Crown from $112.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. StockNews.com cut Crown from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. Finally, Truist Financial raised their target price on shares of Crown from $88.00 to $95.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Crown presently has a consensus rating of “Moderate Buy” and an average target price of $101.14.

Insider Buying and Selling at Crown

In other news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction dated 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 owns 578,678 shares of the company’s stock, valued at approximately $52,416,653.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the completion of the sale, the chief executive officer now directly owns 593,678 shares of the company’s stock, valued at approximately $50,480,440.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction 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 completion of the transaction, the chief executive officer now owns 578,678 shares in the company, 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 over the last three months. Corporate insiders own 0.90% of the company’s stock.

Crown Stock Performance

Shares of NYSE CCK opened at $95.52 on Tuesday. Crown Holdings, Inc. has a one year low of $69.61 and a one year high of $95.72. The business’s 50-day moving average price is $87.82 and its two-hundred day moving average price is $82.30. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 0.73. The company has a market capitalization of $11.53 billion, a P/E ratio of 27.53, a price-to-earnings-growth ratio of 2.13 and a beta of 0.85.

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

Crown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Thursday, August 15th. Crown’s payout ratio is 28.82%.

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.