DNB Asset Management AS Sells 17,905 Shares of Crown Holdings, Inc. (NYSE:CCK)

Posted by Joe Tyrrell on Mar 19th, 2023

DNB Asset Management AS cut its holdings in Crown Holdings, Inc. (NYSE:CCK – Get Rating) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 576,020 shares of the industrial products company’s stock after selling 17,905 shares during the period. DNB Asset Management AS owned 0.48% of Crown worth $47,355,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Credit Suisse AG increased its stake in shares of Crown by 0.8% in the third quarter. Credit Suisse AG now owns 631,319 shares of the industrial products company’s stock worth $51,155,000 after purchasing an additional 5,163 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in Crown by 7.7% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 69,317 shares of the industrial products company’s stock valued at $6,389,000 after acquiring an additional 4,929 shares during the period. Creative Planning increased its stake in Crown by 11.4% during the third quarter. Creative Planning now owns 6,228 shares of the industrial products company’s stock valued at $505,000 after acquiring an additional 638 shares during the period. Forsta AP Fonden increased its stake in Crown by 14.2% during the second quarter. Forsta AP Fonden now owns 37,000 shares of the industrial products company’s stock valued at $3,410,000 after acquiring an additional 4,600 shares during the period. Finally, Barclays PLC increased its stake in Crown by 102.6% during the third quarter. Barclays PLC now owns 194,051 shares of the industrial products company’s stock valued at $15,723,000 after acquiring an additional 98,274 shares during the period.

Crown Trading Down 2.1 %

Shares of CCK stock traded down $1.67 during trading hours on Friday, reaching $76.66. The company had a trading volume of 1,225,135 shares, compared to its average volume of 814,277. The company has a 50 day moving average of $85.89 and a 200 day moving average of $83.75. The company has a debt-to-equity ratio of 2.97, a current ratio of 1.18 and a quick ratio of 0.67. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 2.50 and a beta of 1.05. Crown Holdings, Inc. has a 1-year low of $66.00 and a 1-year high of $130.42.

Crown (NYSE:CCK – Get Rating) last posted its quarterly earnings results on Wednesday, February 8th. The industrial products company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.10. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.12 billion. Crown had a return on equity of 36.97% and a net margin of 5.62%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.66 EPS. On average, equities research analysts anticipate that Crown Holdings, Inc. will post 6.27 EPS for the current year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, March 8th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.25%. This is an increase from Crown’s previous quarterly dividend of $0.22. Crown’s dividend payout ratio is 16.08%.

Wall Street Analysts Forecast Growth

CCK has been the topic of several research reports. Barclays boosted their price target on Crown from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, February 13th. Wells Fargo & Company boosted their price target on Crown from $80.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, February 9th. UBS Group lowered their price target on Crown from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, December 15th. Mizuho boosted their price target on Crown from $100.00 to $103.00 in a research note on Thursday, February 9th. Finally, Morgan Stanley lowered their price objective on Crown from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Crown presently has an average rating of “Moderate Buy” and a consensus target price of $97.73.

Crown Profile

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Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans, beverage, promotional, and transit packaging, closures and capping, and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.