Concentric Capital Strategies LP Acquires New Stake in Crown Holdings, Inc. (NYSE:CCK)

Concentric Capital Strategies LP bought a new position in Crown Holdings, Inc. (NYSE:CCK) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 166,835 shares of the industrial products company’s stock, valued at approximately $15,996,000. Crown comprises about 0.7% of Concentric Capital Strategies LP’s portfolio, making the stock its 20th largest position. Concentric Capital Strategies LP owned approximately 0.14% of Crown as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CCK. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Crown during the third quarter valued at approximately $71,000. Point72 Hong Kong Ltd increased its holdings in shares of Crown by 3,568.0% in the 3rd quarter. Point72 Hong Kong Ltd now owns 29,087 shares of the industrial products company’s stock worth $2,789,000 after purchasing an additional 28,294 shares in the last quarter. True Wealth Design LLC raised its stake in shares of Crown by 6,850.0% in the third quarter. True Wealth Design LLC now owns 695 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 685 shares during the last quarter. Maverick Capital Ltd. bought a new position in shares of Crown during the third quarter valued at $1,176,000. Finally, Edgestream Partners L.P. lifted its holdings in shares of Crown by 64.7% during the third quarter. Edgestream Partners L.P. now owns 76,046 shares of the industrial products company’s stock valued at $7,291,000 after purchasing an additional 29,866 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $90.58, for a total transaction of $679,350.00. Following the completion of the transaction, the chief executive officer now directly owns 578,678 shares of the company’s stock, valued at approximately $52,416,653.24. This represents a 1.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gerard H. Gifford sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $95.89, for a total value of $958,900.00. Following the transaction, the chief operating officer now owns 114,402 shares of the company’s stock, valued at $10,970,007.78. This represents a 8.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,506 shares of company stock worth $3,157,399. 0.90% of the stock is owned by insiders.

Crown Price Performance

Shares of NYSE:CCK opened at $92.09 on Monday. The firm’s 50 day simple moving average is $93.53 and its two-hundred day simple moving average is $87.13. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.21 and a quick ratio of 0.84. The company has a market capitalization of $11.02 billion, a P/E ratio of 113.69, a P/E/G ratio of 2.04 and a beta of 0.85. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $98.46.

Crown (NYSE:CCK) last announced its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.81 by $0.18. Crown had a return on equity of 24.57% and a net margin of 0.83%. The business had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $3.07 billion. Research analysts expect that Crown Holdings, Inc. will post 6.34 EPS for the current fiscal year.

Crown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Thursday, November 14th. Crown’s dividend payout ratio (DPR) is presently 123.46%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CCK shares. Wells Fargo & Company boosted their target price on Crown from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Royal Bank of Canada increased their price objective on shares of Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Mizuho set a $110.00 target price on shares of Crown in a research report on Friday, October 18th. Barclays increased their price target on Crown from $100.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Finally, StockNews.com raised Crown from a “hold” rating to a “buy” rating in a report on Saturday, October 26th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $106.62.

Crown 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.