Gabelli Funds LLC Sells 1,746 Shares of Crown Holdings, Inc. (NYSE:CCK)

Gabelli Funds LLC decreased its position in Crown Holdings, Inc. (NYSE:CCK) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,504 shares of the industrial products company’s stock after selling 1,746 shares during the quarter. Gabelli Funds LLC owned approximately 0.11% of Crown worth $9,783,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CCK. 1832 Asset Management L.P. purchased a new position in Crown during the 1st quarter valued at about $119,167,000. Metropolis Capital Ltd bought a new position in Crown during the 2nd quarter valued at approximately $29,291,000. Jacobs Levy Equity Management Inc. purchased a new position in Crown during the first quarter valued at $29,981,000. Garner Asset Management Corp bought a new stake in Crown in the fourth quarter worth $34,073,000. Finally, Clearbridge Investments LLC grew its stake in shares of Crown by 28.9% in the first quarter. Clearbridge Investments LLC now owns 1,566,163 shares of the industrial products company’s stock worth $124,134,000 after acquiring an additional 351,545 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Crown Stock Performance

CCK stock opened at $95.52 on Tuesday. The company has a market cap 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. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 0.73. Crown Holdings, Inc. has a 1 year low of $69.61 and a 1 year high of $95.72. The stock’s fifty day moving average price is $87.82 and its 200-day moving average price is $82.30.

Crown (NYSE:CCK) last announced its 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 analysts’ expectations of $3.06 billion. During the same period last year, the firm posted $1.68 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities analysts forecast that Crown Holdings, Inc. will post 6.15 earnings per share for the current year.

Crown Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $90.58, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly 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 available through the SEC website. Also, CEO Timothy J. Donahue sold 15,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value of $1,275,450.00. Following 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,000 shares of company stock worth $2,598,675. Company insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CCK. Royal Bank of Canada lifted their price target on Crown from $96.00 to $105.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. UBS Group decreased their target price on shares of 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 shares of Crown from a “buy” rating to a “hold” rating in a report on Monday, September 9th. Morgan Stanley boosted their price objective on shares of Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Finally, Bank of America increased their target price on Crown from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.14.

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.