American International Group Inc. Lowers Stake in Crown Holdings, Inc. (NYSE:CCK)

American International Group Inc. decreased its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 4.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 162,846 shares of the industrial products company’s stock after selling 7,014 shares during the period. American International Group Inc.’s holdings in Crown were worth $14,996,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Beacon Financial Group purchased a new position in shares of Crown in the 4th quarter valued at $388,000. Quarry LP lifted its stake in shares of Crown by 190.3% during the fourth quarter. Quarry LP now owns 421 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 276 shares in the last quarter. Aurora Investment Counsel boosted its position in shares of Crown by 4.2% in the fourth quarter. Aurora Investment Counsel now owns 14,894 shares of the industrial products company’s stock worth $1,469,000 after buying an additional 604 shares during the period. Grand Jean Capital Management Inc. grew its stake in shares of Crown by 28.8% in the fourth quarter. Grand Jean Capital Management Inc. now owns 140,384 shares of the industrial products company’s stock valued at $12,928,000 after buying an additional 31,401 shares in the last quarter. Finally, Garner Asset Management Corp acquired a new stake in Crown in the fourth quarter valued at approximately $34,073,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Loop Capital boosted their target price on shares of Crown from $101.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Truist Financial reiterated a “hold” rating and issued a $88.00 price objective (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Wolfe Research assumed coverage on Crown in a research note on Friday, March 1st. They set an “outperform” rating and a $102.00 target price for the company. Morgan Stanley initiated coverage on Crown in a research note on Monday, March 18th. They issued an “equal weight” rating and a $87.00 price target on the stock. Finally, Wells Fargo & Company lifted their price objective on Crown from $76.00 to $84.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.29.

Crown Stock Performance

CCK stock traded down $0.97 during midday trading on Friday, reaching $78.18. The company had a trading volume of 1,066,898 shares, compared to its average volume of 674,936. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 2.26. The stock has a 50 day moving average price of $81.60 and a 200 day moving average price of $82.99. The firm has a market capitalization of $9.44 billion, a PE ratio of 22.53, a P/E/G ratio of 2.07 and a beta of 0.88. Crown Holdings, Inc. has a fifty-two week low of $69.61 and a fifty-two week high of $96.35.

Crown (NYSE:CCK) last issued its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.06. Crown had a return on equity of 23.95% and a net margin of 3.51%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the business earned $1.20 EPS. The firm’s revenue was down 6.4% on a year-over-year basis. Analysts anticipate that Crown Holdings, Inc. will post 5.95 earnings per share for the current year.

Crown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.00 annualized dividend and a yield of 1.28%. Crown’s payout ratio is 28.82%.

Insiders Place Their Bets

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the transaction, the chief executive officer now directly owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the completion of the sale, the chief executive officer now directly owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James H. Miller sold 9,000 shares of Crown stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total transaction of $746,370.00. Following the completion of the transaction, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,000 shares of company stock worth $3,300,420. 0.90% of the stock is owned by corporate insiders.

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.