Crestline Management LP Acquires Shares of 121,274 Crown Holdings, Inc. (NYSE:CCK)

Crestline Management LP bought a new position in Crown Holdings, Inc. (NYSE:CCKFree Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 121,274 shares of the industrial products company’s stock, valued at approximately $11,168,000. Crown makes up 0.9% of Crestline Management LP’s portfolio, making the stock its 20th biggest holding. Crestline Management LP owned approximately 0.10% of Crown at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC bought a new position in Crown in the 4th quarter valued at $26,000. Quest Partners LLC bought a new stake in Crown in the fourth quarter worth about $34,000. Picton Mahoney Asset Management grew its position in shares of Crown by 14.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,181 shares of the industrial products company’s stock valued at $109,000 after acquiring an additional 145 shares during the period. CWM LLC grew its position in shares of Crown by 28.3% during the 4th quarter. CWM LLC now owns 1,627 shares of the industrial products company’s stock valued at $150,000 after acquiring an additional 359 shares during the period. Finally, RKL Wealth Management LLC purchased a new stake in shares of Crown during the 4th quarter worth approximately $200,000. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Crown Price Performance

Shares of CCK traded up $0.75 during trading hours on Friday, reaching $84.19. 810,155 shares of the company’s stock traded hands, compared to its average volume of 689,956. Crown Holdings, Inc. has a 12 month low of $69.61 and a 12 month high of $96.35. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26. The stock has a market cap of $10.17 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 2.22 and a beta of 0.88. The firm’s 50 day simple moving average is $80.97 and its 200-day simple moving average is $83.10.

Crown (NYSE:CCKGet Free Report) last announced its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.06. The business had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. Crown’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. Equities analysts expect that Crown Holdings, Inc. will post 5.95 EPS for the current year.

Crown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, June 13th. Crown’s payout ratio is currently 28.82%.

Insider Activity

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total value of $637,500.00. Following the completion of the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at $51,737,630. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Timothy J. Donahue sold 22,500 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the sale, the chief executive officer now owns 616,178 shares of the company’s stock, valued at approximately $52,486,042.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total value of $637,500.00. Following the transaction, the chief executive officer now owns 608,678 shares in the company, valued at $51,737,630. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

CCK has been the subject of several research reports. Robert W. Baird increased their price objective on Crown from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Royal Bank of Canada dropped their price objective on shares of Crown from $110.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, February 8th. Truist Financial reiterated a “hold” rating and set a $88.00 target price (down previously from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Wells Fargo & Company upped their price target on shares of Crown from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 1st. Finally, Morgan Stanley initiated coverage on shares of Crown in a report on Monday, March 18th. They set an “equal weight” rating and a $87.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Crown currently has a consensus rating of “Moderate Buy” and an average target price of $99.29.

Read Our Latest Analysis on CCK

Crown Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Crown (NYSE:CCK)

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