Neuberger Berman Group LLC cut its stake in Crown Holdings, Inc. (NYSE:CCK) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,079,189 shares of the industrial products company’s stock after selling 25,174 shares during the period. Neuberger Berman Group LLC’s holdings in Crown were worth $109,186,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Handelsbanken Fonder AB lifted its position in Crown by 102.8% in the second quarter. Handelsbanken Fonder AB now owns 352,200 shares of the industrial products company’s stock valued at $35,998,000 after acquiring an additional 178,500 shares during the last quarter. Railway Pension Investments Ltd raised its holdings in shares of Crown by 172.8% in the first quarter. Railway Pension Investments Ltd now owns 50,200 shares of the industrial products company’s stock valued at $4,871,000 after buying an additional 31,800 shares during the last quarter. PDT Partners LLC purchased a new stake in shares of Crown in the first quarter valued at about $1,151,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Crown by 5.8% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 43,546 shares of the industrial products company’s stock worth $4,451,000 after acquiring an additional 2,400 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Crown by 30.9% during the first quarter. Millennium Management LLC now owns 1,089,029 shares of the industrial products company’s stock worth $105,679,000 after acquiring an additional 257,198 shares during the period. 86.19% of the stock is owned by hedge funds and other institutional investors.
In other news, Director B Craig Owens purchased 2,000 shares of Crown stock in a transaction that occurred on Tuesday, August 10th. The stock was acquired at an average price of $105.62 per share, for a total transaction of $211,240.00. Following the transaction, the director now owns 3,036 shares in the company, valued at $320,662.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Conway sold 370 shares of the company’s stock in a transaction that occurred on Wednesday, July 28th. The shares were sold at an average price of $100.03, for a total transaction of $37,011.10. Following the completion of the sale, the director now owns 1,031,407 shares of the company’s stock, valued at approximately $103,171,642.21. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.
Crown (NYSE:CCK) last announced its earnings results on Sunday, July 18th. The industrial products company reported $2.14 EPS for the quarter, beating the consensus estimate of $1.78 by $0.36. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.94 billion. Crown had a return on equity of 38.22% and a net margin of 5.84%. Crown’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.33 earnings per share. On average, equities research analysts predict that Crown Holdings, Inc. will post 7.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Thursday, August 5th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Wednesday, August 4th. Crown’s payout ratio is 13.51%.
Several research analysts have weighed in on CCK shares. Mizuho started coverage on shares of Crown in a research report on Tuesday. They set a “buy” rating and a $129.00 target price on the stock. Truist began coverage on shares of Crown in a research report on Monday, September 13th. They issued a “positive” rating and a $138.00 price target on the stock. Truist Securities began coverage on shares of Crown in a research report on Tuesday, September 14th. They issued a “buy” rating and a $138.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Crown in a research report on Wednesday, September 15th. They issued a “buy” rating and a $137.00 price target on the stock. Finally, Loop Capital initiated coverage on shares of Crown in a research note on Tuesday, October 5th. They set a “buy” rating and a $165.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Crown presently has an average rating of “Buy” and a consensus price target of $124.58.
Crown Company Profile
Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans; beverage, promotional, and transit packaging; closures and capping; and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.
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