Allspring Global Investments Holdings LLC Purchases 47,484 Shares of Crown Holdings, Inc. (NYSE:CCK)

Allspring Global Investments Holdings LLC raised its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 27.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 222,522 shares of the industrial products company’s stock after acquiring an additional 47,484 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.18% of Crown worth $21,335,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Trivant Custom Portfolio Group LLC acquired a new stake in Crown in the 1st quarter valued at $43,000. State of Michigan Retirement System increased its position in shares of Crown by 1.7% in the first quarter. State of Michigan Retirement System now owns 29,400 shares of the industrial products company’s stock valued at $2,330,000 after acquiring an additional 500 shares during the last quarter. TFC Financial Management Inc. raised its holdings in Crown by 50.5% during the first quarter. TFC Financial Management Inc. now owns 1,385 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 465 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Crown by 35.3% during the first quarter. BNP Paribas Financial Markets now owns 56,933 shares of the industrial products company’s stock valued at $4,513,000 after purchasing an additional 14,843 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in Crown in the first quarter valued at approximately $500,000. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CCK. UBS Group cut their price objective on Crown from $112.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of Crown from $105.00 to $109.00 and gave the company an “equal weight” rating in a research report on Monday. Truist Financial upped their target price on shares of Crown from $95.00 to $103.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. Barclays boosted their price target on Crown from $100.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Citigroup raised their price objective on Crown from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $106.62.

Crown Stock Performance

NYSE:CCK opened at $95.24 on Friday. The stock has a 50 day simple moving average of $92.40 and a 200 day simple moving average of $84.87. The stock has a market cap of $11.50 billion, a P/E ratio of 27.45, a PEG ratio of 2.19 and a beta of 0.86. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $98.46. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00.

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

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be issued a $0.25 dividend. 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 Crown stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total value of $643,875.00. Following the completion of the sale, the chief executive officer now directly owns 586,178 shares in the company, valued at approximately $50,323,381.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Crown news, Director James H. Miller sold 1,006 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.60, for a total transaction of $96,173.60. Following the sale, the director now directly owns 12,424 shares in the company, valued at $1,187,734.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total transaction of $643,875.00. Following the completion of the transaction, the chief executive officer now owns 586,178 shares of the company’s stock, valued at $50,323,381.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,506 shares of company stock worth $3,075,799 in the last quarter. Corporate insiders own 0.90% of the company’s stock.

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.