Clearline Capital LP Boosts Holdings in Crown Holdings, Inc. (NYSE:CCK)

Clearline Capital LP raised its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 0.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,455 shares of the industrial products company’s stock after buying an additional 309 shares during the quarter. Clearline Capital LP owned about 0.13% of Crown worth $11,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sessa Capital IM L.P. lifted its position in shares of Crown by 153.0% in the second quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after buying an additional 1,989,374 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Crown in the first quarter valued at $119,167,000. AQR Capital Management LLC lifted its holdings in shares of Crown by 121.7% in the 2nd quarter. AQR Capital Management LLC now owns 736,478 shares of the industrial products company’s stock worth $54,787,000 after acquiring an additional 404,250 shares during the last quarter. Metropolis Capital Ltd bought a new stake in shares of Crown in the 2nd quarter worth about $29,291,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Crown during the 1st quarter worth about $29,981,000. Institutional investors own 90.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Crown from $85.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price target on shares of Crown in a research note on Tuesday, September 24th. Bank of America upped their price objective on Crown from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Truist Financial lifted their target price on Crown from $88.00 to $95.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley upped their price target on shares of Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.14.

Insider Activity

In related news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total transaction of $643,875.00. Following the completion of the transaction, the chief executive officer now owns 586,178 shares in the company, valued at approximately $50,323,381.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $85.85, for a total transaction of $643,875.00. Following the transaction, the chief executive officer now directly owns 586,178 shares in the company, valued at approximately $50,323,381.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Timothy J. Donahue sold 15,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 593,678 shares of the company’s stock, valued at $50,480,440.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,006 shares of company stock worth $2,694,849. Corporate insiders own 0.90% of the company’s stock.

Crown Price Performance

Shares of CCK opened at $94.74 on Friday. The stock has a market capitalization of $11.44 billion, a PE ratio of 27.30, a PEG ratio of 2.26 and a beta of 0.85. The company has a 50 day moving average price of $89.21 and a 200-day moving average price of $82.71. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.73 and a current ratio of 1.05. Crown Holdings, Inc. has a fifty-two week low of $69.61 and a fifty-two week high of $96.74.

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

Crown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Thursday, August 15th. Crown’s payout ratio is 28.82%.

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.