Wellington Management Group LLP Grows Stake in Crown Holdings, Inc. (NYSE:CCK)

Wellington Management Group LLP lifted its stake in Crown Holdings, Inc. (NYSE:CCK) by 37.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 693,795 shares of the industrial products company’s stock after purchasing an additional 189,075 shares during the quarter. Wellington Management Group LLP’s holdings in Crown were worth $63,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Hudson Bay Capital Management LP raised its holdings in Crown by 55.6% in the third quarter. Hudson Bay Capital Management LP now owns 70,000 shares of the industrial products company’s stock worth $6,194,000 after buying an additional 25,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Crown by 245.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,808 shares of the industrial products company’s stock valued at $5,784,000 after purchasing an additional 44,630 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Crown by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,320,502 shares of the industrial products company’s stock worth $121,614,000 after purchasing an additional 44,195 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Crown in the fourth quarter worth $3,122,000. Finally, International Assets Investment Management LLC bought a new position in shares of Crown during the fourth quarter valued at $1,925,000. Institutional investors own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Crown from $76.00 to $84.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Truist Financial reissued a “hold” rating and set a $88.00 price objective (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. JPMorgan Chase & Co. raised their target price on shares of Crown from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Robert W. Baird boosted their target price on shares of Crown from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Finally, Morgan Stanley began coverage on Crown in a research note on Monday, March 18th. They issued an “equal weight” rating and a $87.00 price target on the stock. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Crown currently has an average rating of “Moderate Buy” and an average price target of $99.29.

Crown Stock Up 0.4 %

CCK stock opened at $77.54 on Friday. The business’s 50-day moving average price is $81.44 and its 200-day moving average price is $82.65. The stock has a market cap of $9.36 billion, a P/E ratio of 22.35, a PEG ratio of 2.04 and a beta of 0.88. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 2.26. Crown Holdings, Inc. has a twelve month low of $69.61 and a twelve month high of $96.35.

Crown (NYSE:CCK) last issued its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.06. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Crown Holdings, Inc. will post 5.95 EPS for the current year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.29%. Crown’s dividend payout ratio is presently 28.82%.

Insider Activity

In related news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Timothy J. Donahue sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the completion of the transaction, the chief executive officer now owns 616,178 shares in the company, valued at $52,486,042.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction dated 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 directly owns 608,678 shares in the company, valued at $51,737,630. The disclosure for this sale can be found here. Insiders have sold 39,000 shares of company stock worth $3,300,420 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.

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.