Corebridge Financial Inc. Has $11.54 Million Stock Holdings in Crown Holdings, Inc. $CCK

Key Points

• Corebridge Financial Inc. reduced its stake in Crown Holdings, Inc. by selling 4,428 shares, bringing its total holdings to approximately $11.54 million.
• Several institutional investors have increased their stakes in Crown, with Jump Financial LLC growing its position by 2,002.3% in the first quarter.
• Crown Holdings has received positive analyst ratings, with Mizuho raising the price target to $127.00 and maintaining an "outperform" rating.

Corebridge Financial Inc. trimmed its holdings in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 3.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,296 shares of the industrial products company's stock after selling 4,428 shares during the period. Corebridge Financial Inc. owned 0.11% of Crown worth $11,541,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Northern Trust Corp raised its holdings in Crown by 13.7% in the 1st quarter. Northern Trust Corp now owns 1,242,250 shares of the industrial products company's stock valued at $110,883,000 after acquiring an additional 149,339 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Crown by 155.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,793 shares of the industrial products company's stock valued at $158,000 after acquiring an additional 1,091 shares in the last quarter. GAMMA Investing LLC raised its stake in Crown by 110.3% in the first quarter. GAMMA Investing LLC now owns 1,201 shares of the industrial products company's stock valued at $107,000 after purchasing an additional 630 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Crown in the first quarter valued at about $820,000. Finally, Nisa Investment Advisors LLC raised its stake in Crown by 4.2% in the first quarter. Nisa Investment Advisors LLC now owns 2,858 shares of the industrial products company's stock valued at $256,000 after purchasing an additional 115 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CCK has been the subject of a number of analyst reports. Truist Financial reaffirmed a "hold" rating and issued a $118.00 price target (up previously from $117.00) on shares of Crown in a research note on Wednesday, July 23rd. Morgan Stanley boosted their target price on shares of Crown from $114.00 to $118.00 and gave the company an "overweight" rating in a research report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price objective on shares of Crown from $108.00 to $112.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Citigroup restated a "buy" rating on shares of Crown in a research report on Wednesday, July 23rd. Finally, Loop Capital boosted their price target on Crown from $129.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.67.

Insider Activity at Crown

In other Crown news, CEO Timothy J. Donahue sold 37,000 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $100.56, for a total value of $3,720,720.00. Following the completion of the transaction, the chief executive officer directly owned 462,056 shares in the company, valued at approximately $46,464,351.36. This represents a 7.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Gerard H. Gifford sold 8,222 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $102.93, for a total value of $846,290.46. Following the completion of the sale, the chief accounting officer owned 122,585 shares of the company's stock, valued at $12,617,674.05. The trade was a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,222 shares of company stock valued at $5,873,770. Corporate insiders own 0.90% of the company's stock.

Crown Price Performance

Shares of NYSE:CCK traded down $0.72 during trading on Monday, hitting $99.42. 787,402 shares of the company were exchanged, compared to its average volume of 1,026,633. The business's 50 day moving average is $102.93 and its 200-day moving average is $96.02. The company has a market capitalization of $11.57 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The company has a quick ratio of 0.69, a current ratio of 1.06 and a debt-to-equity ratio of 1.67. Crown Holdings, Inc. has a 1-year low of $75.98 and a 1-year high of $109.48.

Crown (NYSE:CCK - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the business earned $1.81 earnings per share. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. Crown has set its FY 2025 guidance at 7.100-7.500 EPS. Q3 2025 guidance at 1.950-2.050 EPS. Equities analysts forecast that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $1.04 annualized dividend and a dividend yield of 1.0%. Crown's dividend payout ratio is currently 21.85%.

About Crown

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.