Massachusetts Financial Services Co. MA Reduces Holdings in Crown Holdings, Inc. (NYSE:CCK)

Massachusetts Financial Services Co. MA reduced its stake in Crown Holdings, Inc. (NYSE:CCK) by 8.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,518,052 shares of the industrial products company’s stock after selling 131,420 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.27% of Crown worth $145,551,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. UniSuper Management Pty Ltd lifted its position in Crown by 88.9% during the 1st quarter. UniSuper Management Pty Ltd now owns 1,700 shares of the industrial products company’s stock worth $135,000 after acquiring an additional 800 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Crown during the first quarter worth about $41,000. Price T Rowe Associates Inc. MD boosted its position in Crown by 22.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 198,984 shares of the industrial products company’s stock valued at $15,772,000 after buying an additional 36,895 shares during the last quarter. SVB Wealth LLC acquired a new position in Crown in the 1st quarter worth approximately $311,000. Finally, Kennedy Capital Management LLC raised its position in Crown by 5.7% during the 1st quarter. Kennedy Capital Management LLC now owns 19,540 shares of the industrial products company’s stock worth $1,549,000 after buying an additional 1,050 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Crown Stock Up 2.0 %

CCK stock opened at $92.82 on Friday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 114.59, a P/E/G ratio of 2.02 and a beta of 0.85. Crown Holdings, Inc. has a 52 week low of $69.61 and a 52 week high of $98.46. The firm has a 50-day simple moving average of $93.59 and a 200-day simple moving average of $86.80. The company has a quick ratio of 0.84, a current ratio of 1.21 and a debt-to-equity ratio of 2.19.

Crown (NYSE:CCK) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.18. Crown had a return on equity of 24.57% and a net margin of 0.83%. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.07 billion. Equities analysts forecast that Crown Holdings, Inc. will post 6.34 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.08%. Crown’s dividend payout ratio (DPR) is presently 123.46%.

Insider Activity

In related news, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of the sale, the director now owns 12,424 shares in the company, valued at $1,187,734.40. This represents a 7.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $96.73, for a total transaction of $725,475.00. Following the completion of the transaction, the chief executive officer now owns 563,678 shares in the company, valued at approximately $54,524,572.94. This trade represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,506 shares of company stock worth $3,157,399. 0.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CCK shares. Citigroup increased their price objective on shares of Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Mizuho set a $110.00 price objective on Crown in a research note on Friday, October 18th. StockNews.com upgraded Crown from a “hold” rating to a “buy” rating in a research note on Saturday, October 26th. Truist Financial lifted their price target on Crown from $95.00 to $103.00 and gave the company a “hold” rating in a research report on Tuesday, October 15th. Finally, Robert W. Baird raised their price objective on shares of Crown from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.62.

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.