Gabelli Funds LLC Sells 3,330 Shares of Crown Holdings, Inc. (NYSE:CCK)

Gabelli Funds LLC decreased its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 2.4% during the first quarter, HoldingsChannel reports. The firm owned 133,250 shares of the industrial products company’s stock after selling 3,330 shares during the quarter. Gabelli Funds LLC’s holdings in Crown were worth $10,561,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Crown by 1.5% during the first quarter. Vanguard Group Inc. now owns 12,002,342 shares of the industrial products company’s stock worth $951,306,000 after acquiring an additional 176,639 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Crown by 7.3% during the fourth quarter. Victory Capital Management Inc. now owns 5,136,706 shares of the industrial products company’s stock worth $473,039,000 after acquiring an additional 350,265 shares in the last quarter. William Blair Investment Management LLC boosted its stake in Crown by 2.0% during the first quarter. William Blair Investment Management LLC now owns 2,826,399 shares of the industrial products company’s stock worth $224,020,000 after acquiring an additional 56,604 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Crown by 7.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,536,995 shares of the industrial products company’s stock worth $233,632,000 after acquiring an additional 186,387 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its stake in Crown by 7.1% during the fourth quarter. Impax Asset Management Group plc now owns 2,013,351 shares of the industrial products company’s stock worth $185,409,000 after acquiring an additional 133,813 shares in the last quarter. Institutional investors own 90.93% of the company’s stock.

Crown Stock Performance

CCK stock traded up $0.78 during midday trading on Friday, reaching $85.68. 1,556,504 shares of the company’s stock traded hands, compared to its average volume of 1,294,619. Crown Holdings, Inc. has a 52-week low of $69.61 and a 52-week high of $95.31. The stock has a market cap of $10.35 billion, a P/E ratio of 24.69, a PEG ratio of 2.03 and a beta of 0.85. The company has a current ratio of 1.05, a quick ratio of 0.77 and a debt-to-equity ratio of 2.00. The stock’s 50-day moving average is $79.18 and its 200 day moving average is $80.26.

Crown (NYSE:CCK) last announced its earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.22. Crown had a net margin of 3.68% and a return on equity of 23.96%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the prior year, the company earned $1.68 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. As a group, analysts anticipate that Crown Holdings, Inc. will post 6.15 EPS for the current year.

Crown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.17%. Crown’s dividend payout ratio is currently 28.82%.

Insiders Place Their Bets

In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the transaction, the chief executive officer now directly owns 593,678 shares in the company, valued at $50,480,440.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the transaction, the chief executive officer now directly owns 593,678 shares in the company, valued at $50,480,440.34. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $52,486,042.04. The disclosure for this sale can be found here. Insiders sold a total of 54,000 shares of company stock worth $4,575,870 over the last three months. 0.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on CCK. Wells Fargo & Company boosted their price objective on shares of Crown from $85.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Robert W. Baird lifted their target price on shares of Crown from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. lifted 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. StockNews.com raised shares of Crown from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Truist Financial lifted their target price on shares of Crown from $88.00 to $95.00 and gave the stock a “hold” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $100.21.

Crown Company 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.