State of Michigan Retirement System Buys 500 Shares of Crown Holdings, Inc. (NYSE:CCK)

State of Michigan Retirement System lifted its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 1.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,400 shares of the industrial products company’s stock after acquiring an additional 500 shares during the quarter. State of Michigan Retirement System’s holdings in Crown were worth $2,330,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Hudson Bay Capital Management LP lifted its position in shares of Crown by 55.6% during the 3rd quarter. Hudson Bay Capital Management LP now owns 70,000 shares of the industrial products company’s stock worth $6,194,000 after purchasing an additional 25,000 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Crown by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 11,825,703 shares of the industrial products company’s stock worth $1,089,029,000 after purchasing an additional 173,460 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Crown by 245.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,808 shares of the industrial products company’s stock worth $5,784,000 after purchasing an additional 44,630 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Crown by 3.5% during 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 during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Crown during the 4th quarter worth about $3,122,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CCK shares. Wells Fargo & Company boosted their price objective on Crown from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 1st. Robert W. Baird upped their price target on Crown from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Truist Financial reaffirmed a “hold” rating and issued a $88.00 price target (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Loop Capital upped their price target on Crown from $101.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. upped their price target on Crown from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.29.

Crown Trading Down 0.8 %

CCK stock opened at $72.60 on Thursday. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $96.35. The firm has a market cap of $8.77 billion, a P/E ratio of 20.92, a P/E/G ratio of 1.97 and a beta of 0.85. The business’s 50 day moving average is $81.12 and its 200-day moving average is $81.90. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26.

Crown (NYSE:CCK) last released its quarterly earnings data 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 company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.93 billion. Crown had a return on equity of 23.95% and a net margin of 3.51%. The company’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 EPS. Equities analysts anticipate that Crown Holdings, Inc. will post 5.93 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 13th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.38%. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 7,500 shares of the 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 directly owns 608,678 shares in the company, valued at approximately $51,737,630. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Timothy J. Donahue sold 7,500 shares of the 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 directly owns 608,678 shares in the company, valued at approximately $51,737,630. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 22,500 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 39,000 shares of company stock worth $3,300,420 in the last three months. 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.