Cannell & Spears LLC Trims Holdings in Crown Holdings, Inc. (NYSE:CCK)

Cannell & Spears LLC reduced its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 16.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 277,475 shares of the industrial products company’s stock after selling 56,041 shares during the period. Cannell & Spears LLC owned 0.23% of Crown worth $22,944,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Alliancebernstein L.P. boosted its position in shares of Crown by 2.2% in the 4th quarter. Alliancebernstein L.P. now owns 163,674 shares of the industrial products company’s stock worth $13,534,000 after purchasing an additional 3,563 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in shares of Crown by 13.2% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 16,135 shares of the industrial products company’s stock worth $1,334,000 after acquiring an additional 1,883 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Crown by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 720,523 shares of the industrial products company’s stock valued at $59,580,000 after acquiring an additional 3,708 shares in the last quarter. Brandywine Global Investment Management LLC raised its position in shares of Crown by 0.3% in the 4th quarter. Brandywine Global Investment Management LLC now owns 765,352 shares of the industrial products company’s stock worth $63,287,000 after purchasing an additional 1,979 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Crown by 27.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 41,872 shares of the industrial products company’s stock worth $3,351,000 after purchasing an additional 8,937 shares in the last quarter. Institutional investors own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CCK. Mizuho decreased their target price on shares of Crown from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Citigroup lifted their target price on Crown from $110.00 to $111.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company upped their price target on Crown from $86.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Finally, Truist Financial raised their price target on shares of Crown from $103.00 to $104.00 and gave the company a “hold” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $106.00.

Crown Price Performance

NYSE CCK opened at $88.19 on Monday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.80 and a current ratio of 1.22. The business’s fifty day moving average is $88.32 and its 200 day moving average is $89.45. The company has a market capitalization of $10.31 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.56 and a beta of 0.88. Crown Holdings, Inc. has a fifty-two week low of $70.84 and a fifty-two week high of $98.46.

Crown (NYSE:CCK) last released its earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.08. Crown had a net margin of 3.59% and a return on equity of 25.12%. Sell-side analysts predict that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Tuesday, March 18th. This is a positive change from Crown’s previous quarterly dividend of $0.25. Crown’s dividend payout ratio is presently 29.21%.

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.