Allstate Corp Acquires 2,869 Shares of Crown Holdings, Inc. $CCK

Key Points

• Allstate Corp increased its stake in Crown Holdings, Inc. by 81.2%, owning a total of 6,401 shares valued at approximately $571,000.
• Several hedge funds, including Bank of New York Mellon Corp and Invesco Ltd., have also raised their investments in Crown, with institutional investors holding 90.93% of the company's stock.
• Crown's recent earnings report showed $2.15 EPS, surpassing estimates, alongside a quarterly revenue of $3.15 billion, indicating a 3.6% year-over-year increase.

Allstate Corp boosted its holdings in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 81.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,401 shares of the industrial products company's stock after purchasing an additional 2,869 shares during the period. Allstate Corp's holdings in Crown were worth $571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northern Trust Corp boosted its position in Crown by 13.7% in the first quarter. Northern Trust Corp now owns 1,242,250 shares of the industrial products company's stock worth $110,883,000 after purchasing an additional 149,339 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Crown by 155.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,793 shares of the industrial products company's stock worth $158,000 after purchasing an additional 1,091 shares during the last quarter. GAMMA Investing LLC boosted its position in Crown by 110.3% in the first quarter. GAMMA Investing LLC now owns 1,201 shares of the industrial products company's stock worth $107,000 after purchasing an additional 630 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Crown in the first quarter worth $820,000. Finally, Nisa Investment Advisors LLC boosted its position 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 worth $256,000 after purchasing an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CCK shares. Mizuho upped their price target on Crown from $110.00 to $127.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Morgan Stanley upped their price target on Crown from $114.00 to $118.00 and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Bank of America upped their price target on Crown from $110.00 to $117.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Robert W. Baird upped their price target on Crown from $105.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen raised Crown from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 17th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Crown presently has a consensus rating of "Moderate Buy" and an average target price of $120.67.

Crown Stock Performance

Shares of NYSE:CCK traded down $0.72 during midday trading on Friday, reaching $99.42. 787,402 shares of the company traded hands, compared to its average volume of 1,026,633. 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 12 month low of $75.98 and a 12 month high of $109.48. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The firm's fifty day moving average price is $103.02 and its two-hundred day moving average price is $95.94.

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

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 7th. Crown's payout ratio is presently 21.85%.

Insiders Place Their Bets

In related news, CAO Gerard H. Gifford sold 8,222 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $102.93, for a total transaction of $846,290.46. Following the sale, the chief accounting officer directly owned 122,585 shares in the company, valued at approximately $12,617,674.05. The trade was a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 13,000 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $100.52, for a total value of $1,306,760.00. Following the completion of the transaction, the chief executive officer owned 449,056 shares in the company, valued at $45,139,109.12. This represents a 2.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,222 shares of company stock worth $5,873,770. 0.90% of the stock is currently owned by corporate insiders.

Crown Company 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.