Assetmark Inc. Boosts Stock Position in Crown Holdings, Inc. (NYSE:CCK)

Key Points

• Assetmark Inc. significantly increased its holdings in Crown Holdings by 12,839.1%, owning 11,904 shares valued at approximately $1,063,000 after acquiring an additional 11,812 shares in the 1st quarter.
• Crown Holdings' stock recently traded at $98.11, down 1.3%, with a market capitalization of $11.42 billion, and reported a quarterly earnings beat with an EPS of $2.15.
• The company declared a quarterly dividend of $0.26 per share, representing an annualized dividend of $1.04 and a yield of 1.1%, to be paid on August 21st.

Assetmark Inc. boosted its stake in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) by 12,839.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,904 shares of the industrial products company's stock after acquiring an additional 11,812 shares during the quarter. Assetmark Inc.'s holdings in Crown were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vulcan Value Partners LLC raised its position in Crown by 450.5% during the 4th quarter. Vulcan Value Partners LLC now owns 823,691 shares of the industrial products company's stock worth $68,027,000 after buying an additional 674,072 shares during the last quarter. Renaissance Technologies LLC lifted its position in Crown by 146.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,008,500 shares of the industrial products company's stock valued at $83,393,000 after purchasing an additional 599,000 shares during the period. AQR Capital Management LLC boosted its holdings in Crown by 30.6% in the 4th quarter. AQR Capital Management LLC now owns 1,705,081 shares of the industrial products company's stock valued at $140,720,000 after purchasing an additional 399,842 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in Crown by 488.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 361,411 shares of the industrial products company's stock worth $29,885,000 after purchasing an additional 299,990 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Crown by 22.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,549,470 shares of the industrial products company's stock worth $128,126,000 after buying an additional 279,596 shares in the last quarter. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Christy L. Kalaus sold 2,130 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $99.41, for a total transaction of $211,743.30. Following the transaction, the vice president directly owned 4,500 shares of the company's stock, valued at approximately $447,345. The trade was a 32.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Gerard H. Gifford sold 8,222 shares of Crown stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $102.93, for a total transaction of $846,290.46. Following the sale, the chief accounting officer owned 122,585 shares in the company, valued at $12,617,674.05. This represents a 6.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.

Crown Trading Down 0.0%

NYSE:CCK traded down $0.01 during mid-day trading on Monday, reaching $98.15. The company's stock had a trading volume of 649,618 shares, compared to its average volume of 1,294,783. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.06 and a quick ratio of 0.69. The stock has a market cap of $11.42 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.50 and a beta of 0.74. The company's fifty day simple moving average is $102.76 and its two-hundred day simple moving average is $94.15. Crown Holdings, Inc. has a twelve month low of $75.98 and a twelve month high of $109.48.

Crown (NYSE:CCK - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.86 by $0.29. Crown had a net margin of 4.64% and a return on equity of 27.15%. The company had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the firm posted $1.81 earnings per share. Crown's revenue was up 3.6% on a year-over-year basis. On average, equities analysts predict that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a $0.26 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. Crown's dividend payout ratio is presently 21.85%.

Analyst Upgrades and Downgrades

CCK has been the subject of several recent analyst reports. Truist Financial reiterated a "hold" rating and issued a $118.00 price objective (up previously from $117.00) on shares of Crown in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their price target on Crown from $101.00 to $110.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Loop Capital lifted their price objective on Crown from $129.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Barclays boosted their target price on Crown from $109.00 to $117.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. raised their price target on Crown from $108.00 to $112.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Crown presently has an average rating of "Moderate Buy" and a consensus price target of $120.67.

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.