Sumitomo Mitsui Trust Group Inc. Grows Position in Crown Holdings, Inc. (NYSE:CCK)

Sumitomo Mitsui Trust Group Inc. boosted its position in Crown Holdings, Inc. (NYSE:CCK) by 4.6% in the first quarter, HoldingsChannel.com reports. The firm owned 255,940 shares of the industrial products company’s stock after acquiring an additional 11,352 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Crown were worth $22,845,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CCK. Norges Bank acquired a new position in shares of Crown during the fourth quarter valued at about $113,568,000. Thompson Siegel & Walmsley LLC acquired a new position in shares of Crown during the fourth quarter valued at about $66,732,000. Vulcan Value Partners LLC increased its holdings in shares of Crown by 450.5% during the fourth quarter. Vulcan Value Partners LLC now owns 823,691 shares of the industrial products company’s stock valued at $68,027,000 after acquiring an additional 674,072 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Crown by 146.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,008,500 shares of the industrial products company’s stock valued at $83,393,000 after acquiring an additional 599,000 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Crown by 30.6% during the fourth quarter. AQR Capital Management LLC now owns 1,705,081 shares of the industrial products company’s stock valued at $140,720,000 after acquiring an additional 399,842 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors.

Crown Trading Up 0.9%

Crown stock opened at $107.90 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.56 and a debt-to-equity ratio of 1.50. Crown Holdings, Inc. has a 12 month low of $70.84 and a 12 month high of $108.05. The stock’s 50 day simple moving average is $99.53 and its two-hundred day simple moving average is $90.75. The firm has a market cap of $12.56 billion, a PE ratio of 23.20, a P/E/G ratio of 1.84 and a beta of 0.76.

Crown (NYSE:CCK) last released its quarterly earnings data on Monday, April 28th. The industrial products company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.22 by $0.45. Crown had a return on equity of 26.98% and a net margin of 4.62%. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the prior year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Analysts anticipate that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.96%. Crown’s dividend payout ratio (DPR) is 22.37%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CCK. Truist Financial cut their price objective on shares of Crown from $107.00 to $97.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Mizuho upped their price objective on shares of Crown from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Royal Bank Of Canada increased their price target on shares of Crown from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Wells Fargo & Company increased their price target on shares of Crown from $89.00 to $101.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 30th. Finally, Morgan Stanley increased their price target on shares of Crown from $114.00 to $118.00 and gave the stock an “overweight” rating in a report on Wednesday, June 25th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Crown currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.27.

Insider Buying and Selling

In other news, COO Gerard H. Gifford sold 7,000 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $97.00, for a total transaction of $679,000.00. Following the transaction, the chief operating officer owned 135,014 shares in the company, valued at $13,096,358. This trade represents a 4.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christy L. Kalaus sold 2,130 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $99.41, for a total value of $211,743.30. Following the transaction, the vice president owned 4,500 shares in the company, valued at $447,345. This trade represents a 32.13% decrease in their position. The disclosure for this sale can be found here. Company 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.