13,357 Crown Holdings, Inc. $CCK Shares Purchased by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Crown Holdings stake by 123.4% in the third quarter, purchasing 13,357 additional shares and bringing its holdings to 24,184 shares valued at approximately $2.55 million.
• Institutional ownership remains high at 90.93%, with several other investment firms also adding to or initiating positions in Crown during the quarter.
• Crown reported quarterly earnings of $2.49 per share, beating estimates of $2.16, while revenue rose 16.5% year over year to $3.67 billion. Analysts hold a “Moderate Buy” consensus rating with an average price target of $127.73, and the company pays a $0.35 quarterly dividend.

State of Alaska Department of Revenue boosted its position in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) by 123.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,184 shares of the industrial products company's stock after buying an additional 13,357 shares during the quarter. State of Alaska Department of Revenue's holdings in Crown were worth $2,548,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CCK. Curated Wealth Partners LLC acquired a new position in shares of Crown in the third quarter worth about $493,000. WealthPlan Investment Management LLC acquired a new stake in shares of Crown during the 3rd quarter valued at about $206,000. Fort Washington Investment Advisors Inc. OH grew its position in shares of Crown by 17.8% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 2,492 shares of the industrial products company's stock valued at $263,000 after acquiring an additional 376 shares during the period. Krilogy Financial LLC grew its position in shares of Crown by 38.7% during the 3rd quarter. Krilogy Financial LLC now owns 4,074 shares of the industrial products company's stock valued at $442,000 after acquiring an additional 1,136 shares during the period. Finally, NorthCrest Asset Manangement LLC increased its stake in shares of Crown by 55.4% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 11,075 shares of the industrial products company's stock valued at $1,206,000 after purchasing an additional 3,947 shares in the last quarter. Institutional investors and hedge funds own 90.93% of the company's stock.

Crown Stock Performance

CCK opened at $114.10 on Monday. The firm's fifty day simple moving average is $113.05 and its two-hundred day simple moving average is $108.19. Crown Holdings, Inc. has a 52-week low of $91.31 and a 52-week high of $122.91. The company has a market cap of $12.41 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.54 and a beta of 0.56. The company has a quick ratio of 0.65, a current ratio of 1.05 and a debt-to-equity ratio of 1.63.

Crown (NYSE:CCK - Get Free Report) last released its earnings results on Monday, July 20th. The industrial products company reported $2.49 EPS for the quarter, topping analysts' consensus estimates of $2.16 by $0.33. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.37 billion. Crown had a net margin of 5.91% and a return on equity of 27.33%. The company's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.15 earnings per share. Equities analysts anticipate that Crown Holdings, Inc. will post 8.39 earnings per share for the current fiscal year.

Crown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. Crown's dividend payout ratio (DPR) is currently 20.14%.

Analyst Upgrades and Downgrades

CCK has been the subject of a number of analyst reports. Royal Bank Of Canada upped their price target on Crown from $131.00 to $135.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Raymond James Financial increased their price target on Crown from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Bank of America boosted their price objective on Crown from $129.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Weiss Ratings upgraded Crown from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company upped their target price on Crown from $117.00 to $127.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 22nd. Twelve equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $127.73.

About Crown

Crown Holdings, Inc NYSE: CCK is a global manufacturer of packaging products. The company primarily produces metal beverage cans and ends, food cans, aerosol cans, and metal closures used for beverages, food, household products, personal care items, and other consumer goods.

Crown also provides transit packaging solutions, including protective packaging systems and materials used to secure and transport industrial and consumer products. Its customers include beverage, food, household products, personal care, and industrial companies.

The company traces its history to 1892, when it was founded as Crown Cork & Seal Company following the development of the crown cork bottle closure.

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