World Asset Management Inc trimmed its position in Crown Holdings, Inc. (NYSE:CCK) by 9.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,195 shares of the industrial products company’s stock after selling 545 shares during the period. World Asset Management Inc’s holdings in Crown were worth $317,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in CCK. Norges Bank bought a new position in shares of Crown during the 4th quarter worth approximately $69,142,000. Neuberger Berman Group LLC grew its holdings in Crown by 4.6% during the first quarter. Neuberger Berman Group LLC now owns 1,299,068 shares of the industrial products company’s stock worth $70,896,000 after buying an additional 56,782 shares in the last quarter. Geode Capital Management LLC grew its holdings in Crown by 5.8% during the fourth quarter. Geode Capital Management LLC now owns 1,224,664 shares of the industrial products company’s stock worth $50,871,000 after buying an additional 67,306 shares in the last quarter. DNB Asset Management AS grew its holdings in Crown by 21.9% during the first quarter. DNB Asset Management AS now owns 1,091,424 shares of the industrial products company’s stock worth $59,559,000 after buying an additional 195,745 shares in the last quarter. Finally, Thornburg Investment Management Inc. bought a new stake in Crown during the first quarter worth $54,449,000. Institutional investors and hedge funds own 98.69% of the company’s stock.
In related news, COO Gerard H. Gifford sold 10,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $60.79, for a total transaction of $607,900.00. Following the sale, the chief operating officer now owns 152,292 shares of the company’s stock, valued at approximately $9,257,830.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.90% of the company’s stock.
CCK has been the subject of several recent research reports. Zacks Investment Research downgraded Crown from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. ValuEngine upgraded Crown from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Deutsche Bank upped their price target on Crown from $60.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Robert W. Baird set a $65.00 price objective on Crown and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Morgan Stanley set a $56.00 price objective on Crown and gave the company a “hold” rating in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $64.50.
NYSE:CCK traded down $1.32 during trading on Monday, reaching $63.75. The company’s stock had a trading volume of 21,088 shares, compared to its average volume of 1,547,690. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 1.82 and a beta of 1.58. The company has a debt-to-equity ratio of 5.13, a quick ratio of 0.65 and a current ratio of 1.17. The company has a 50 day simple moving average of $61.20. Crown Holdings, Inc. has a 12 month low of $39.05 and a 12 month high of $66.10.
Crown (NYSE:CCK) last announced its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.03). Crown had a net margin of 3.91% and a return on equity of 48.36%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the company earned $1.55 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts forecast that Crown Holdings, Inc. will post 5.09 earnings per share for the current year.
Crown Company Profile
Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.
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