Crown Holdings, Inc. (NYSE:CCK) Stake Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 5.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 133,724 shares of the industrial products company’s stock after selling 7,213 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Crown worth $11,058,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. FMR LLC raised its stake in shares of Crown by 9.3% in the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock valued at $842,556,000 after purchasing an additional 749,085 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Crown by 1.8% in the fourth quarter. Victory Capital Management Inc. now owns 5,779,691 shares of the industrial products company’s stock valued at $477,923,000 after buying an additional 102,789 shares during the last quarter. State Street Corp raised its stake in Crown by 1.8% during the third quarter. State Street Corp now owns 4,000,402 shares of the industrial products company’s stock valued at $383,559,000 after buying an additional 69,260 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Crown by 10,138.8% during the 4th quarter. Pacer Advisors Inc. now owns 3,105,118 shares of the industrial products company’s stock worth $256,762,000 after buying an additional 3,074,791 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Crown by 10.5% in the 4th quarter. Bank of New York Mellon Corp now owns 2,967,810 shares of the industrial products company’s stock worth $245,408,000 after acquiring an additional 283,014 shares in the last quarter. 90.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CCK. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Royal Bank of Canada raised their price target on shares of Crown from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays decreased their price target on shares of Crown from $112.00 to $109.00 and set an “overweight” rating for the company in a report on Monday, February 10th. Bank of America dropped their price objective on shares of Crown from $107.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Wells Fargo & Company lifted their target price on Crown from $86.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

Crown Stock Up 2.3 %

Shares of Crown stock opened at $89.18 on Thursday. Crown Holdings, Inc. has a 1-year low of $70.84 and a 1-year high of $98.46. The company has a market capitalization of $10.48 billion, a P/E ratio of 25.05, a PEG ratio of 1.56 and a beta of 0.88. The business’s fifty day moving average price is $88.08 and its two-hundred day moving average price is $89.47. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.22 and a quick ratio of 0.80.

Crown (NYSE:CCK) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.08. Crown had a net margin of 3.59% and a return on equity of 25.12%. As a group, research analysts forecast that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.17%. This is an increase from Crown’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, March 18th. Crown’s dividend payout ratio is 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.