Jennison Associates LLC Cuts Stock Holdings in Crown Holdings, Inc. (NYSE:CCK)

Jennison Associates LLC decreased its position in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,123,185 shares of the industrial products company's stock after selling 107,654 shares during the period. Jennison Associates LLC owned approximately 0.96% of Crown worth $100,255,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CCK. Larson Financial Group LLC raised its position in shares of Crown by 47.6% during the first quarter. Larson Financial Group LLC now owns 332 shares of the industrial products company's stock worth $30,000 after acquiring an additional 107 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings 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 in the last quarter. TD Private Client Wealth LLC increased its holdings in Crown by 4.6% in the fourth quarter. TD Private Client Wealth LLC now owns 2,864 shares of the industrial products company's stock worth $237,000 after purchasing an additional 125 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Crown by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 34,061 shares of the industrial products company's stock valued at $2,816,000 after acquiring an additional 138 shares in the last quarter. Finally, iA Global Asset Management Inc. increased its holdings in shares of Crown by 3.8% during the fourth quarter. iA Global Asset Management Inc. now owns 5,530 shares of the industrial products company's stock valued at $457,000 after acquiring an additional 204 shares in the last quarter. Institutional investors own 90.93% of the company's stock.

Crown Trading Up 0.2%

Shares of NYSE CCK traded up $0.19 during trading hours on Tuesday, reaching $104.94. The stock had a trading volume of 3,720,405 shares, compared to its average volume of 1,248,467. The company has a current ratio of 0.87, a quick ratio of 0.56 and a debt-to-equity ratio of 1.50. The firm has a market cap of $12.21 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 1.71 and a beta of 0.76. The business's fifty day moving average price is $102.36 and its two-hundred day moving average price is $92.97. Crown Holdings, Inc. has a 52-week low of $75.98 and a 52-week high of $109.48.

Crown (NYSE:CCK - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.86 by $0.29. Crown had a return on equity of 27.63% and a net margin of 4.64%. The business had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the firm posted $1.81 earnings per share. The business's quarterly revenue was up 3.6% on a year-over-year basis. Analysts expect that Crown Holdings, Inc. will post 6.96 EPS for the current fiscal year.

Crown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Thursday, May 15th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, May 15th. Crown's payout ratio is 22.37%.

Insider Activity

In related news, VP Christy L. Kalaus sold 2,130 shares of Crown stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $99.41, for a total value of $211,743.30. Following the completion of the sale, the vice president owned 4,500 shares in the company, valued at approximately $447,345. This trade represents a 32.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gerard H. Gifford sold 7,000 shares of Crown stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $97.00, for a total transaction of $679,000.00. Following the completion of the sale, the chief operating officer owned 135,014 shares of the company's stock, valued at $13,096,358. This trade represents a 4.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on CCK. Truist Financial boosted their price objective on Crown from $110.00 to $117.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Mizuho upped their target price on Crown from $110.00 to $127.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Baird R W cut Crown from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 17th. UBS Group lifted their price target on Crown from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Barclays increased their price objective on Crown from $109.00 to $117.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $119.91.

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.