Crown Holdings, Inc. (NYSE:CCK) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its holdings in Crown Holdings, Inc. (NYSE:CCK) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,000 shares of the industrial products company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Crown were worth $2,315,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its stake in shares of Crown by 325.1% in the fourth quarter. Jones Financial Companies Lllp now owns 846 shares of the industrial products company’s stock valued at $70,000 after buying an additional 647 shares in the last quarter. Metis Global Partners LLC boosted its position in shares of Crown by 3.8% during the 4th quarter. Metis Global Partners LLC now owns 5,349 shares of the industrial products company’s stock worth $442,000 after purchasing an additional 194 shares in the last quarter. US Bancorp DE grew its stake in shares of Crown by 41.5% during the 4th quarter. US Bancorp DE now owns 3,039 shares of the industrial products company’s stock worth $251,000 after purchasing an additional 891 shares during the period. SVB Wealth LLC acquired a new stake in shares of Crown in the fourth quarter valued at about $323,000. Finally, Versor Investments LP purchased a new stake in Crown during the fourth quarter worth about $1,560,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Crown from $86.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Truist Financial upped their target price on Crown from $103.00 to $104.00 and gave the company a “hold” rating in a report on Monday, January 6th. Royal Bank of Canada lifted their price target on Crown from $113.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Barclays lowered their price objective on shares of Crown from $112.00 to $109.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Crown Stock Performance

Shares of CCK opened at $91.77 on Friday. Crown Holdings, Inc. has a 1 year low of $70.84 and a 1 year high of $98.46. The company’s 50 day simple moving average is $86.18 and its 200 day simple moving average is $89.54. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 25.78, a PEG ratio of 1.56 and a beta of 0.88. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.80 and a current ratio of 1.22.

Crown (NYSE:CCK) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.08. Crown had a return on equity of 25.12% and a net margin of 3.59%. On average, sell-side analysts predict that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be issued a dividend of $0.26 per share. This is a positive change from Crown’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Tuesday, March 18th. Crown’s dividend payout ratio is presently 29.21%.

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.