Sumitomo Mitsui DS Asset Management Company Ltd Raises Stake in Crown Holdings, Inc. (NYSE:CCK)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 1.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,444 shares of the industrial products company’s stock after buying an additional 347 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Crown were worth $2,056,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sessa Capital IM L.P. increased its stake in shares of Crown by 153.0% in the second quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after acquiring an additional 1,989,374 shares during the period. 1832 Asset Management L.P. purchased a new position in shares of Crown during the 1st quarter valued at about $119,167,000. AQR Capital Management LLC lifted its holdings in shares of Crown by 121.7% in the 2nd quarter. AQR Capital Management LLC now owns 736,478 shares of the industrial products company’s stock valued at $54,787,000 after buying an additional 404,250 shares during the period. Metropolis Capital Ltd acquired a new position in shares of Crown in the 2nd quarter valued at about $29,291,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Crown in the first quarter worth about $29,981,000. 90.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CCK. Robert W. Baird lifted their price target on Crown from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday. Bank of America lifted their target price on shares of Crown from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Barclays increased their price target on shares of Crown from $100.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial lifted their price objective on shares of Crown from $95.00 to $103.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. Finally, Citigroup raised their target price on Crown from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Crown Stock Down 1.5 %

Shares of CCK opened at $96.33 on Tuesday. The stock has a 50 day moving average price of $91.87 and a 200 day moving average price of $84.59. Crown Holdings, Inc. has a one year low of $69.61 and a one year high of $98.46. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.73 and a current ratio of 1.05. The stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 2.19 and a beta of 0.86.

Crown (NYSE:CCK) last released its earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. The business had revenue of $3.04 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 earnings per share. Equities research analysts forecast that Crown Holdings, Inc. will post 6.15 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were issued a $0.25 dividend. 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 1.04%. Crown’s payout ratio is 28.82%.

Insiders Place Their Bets

In other news, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Crown news, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $679,350.00. Following the transaction, the chief executive officer now owns 578,678 shares in the company, valued at approximately $52,416,653.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,506 shares of company stock valued at $2,116,899 in the last ninety days. 0.90% of the stock is currently owned by corporate insiders.

About Crown

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.