Global Endowment Management LP Decreases Stake in Crown Holdings, Inc. (NYSE:CCK)

Key Points

• Global Endowment Management LP has reduced its stake in Crown Holdings, Inc. by 54.1%, holding 3,866 shares worth $345,000 after selling 4,557 shares in the 1st quarter.
• Crown Holdings reported $2.15 earnings per share for the most recent quarter, exceeding analysts' estimates, with revenue of $3.15 billion, up 3.6% year-over-year.
• The company announced a quarterly dividend of $0.26 per share, which will be distributed to shareholders on August 21st, representing an annualized dividend yield of 1.0%.

Global Endowment Management LP lowered its holdings in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 54.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,866 shares of the industrial products company's stock after selling 4,557 shares during the quarter. Global Endowment Management LP's holdings in Crown were worth $345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CCK. Bank of New York Mellon Corp increased its position in Crown by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 3,135,062 shares of the industrial products company's stock valued at $279,836,000 after acquiring an additional 167,252 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Crown by 412.2% in the first quarter. Invesco Ltd. now owns 1,719,296 shares of the industrial products company's stock worth $153,464,000 after acquiring an additional 1,383,624 shares during the period. AQR Capital Management LLC boosted its stake in shares of Crown by 30.6% in the fourth quarter. AQR Capital Management LLC now owns 1,705,081 shares of the industrial products company's stock worth $140,720,000 after acquiring an additional 399,842 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Crown by 5.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,637,155 shares of the industrial products company's stock worth $146,117,000 after acquiring an additional 83,523 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of Crown by 22.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,549,470 shares of the industrial products company's stock worth $128,126,000 after acquiring an additional 279,596 shares during the period. Hedge funds and other institutional investors own 90.93% of the company's stock.

Crown Stock Down 0.5%

Crown stock opened at $100.55 on Friday. 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 capitalization of $11.70 billion, a price-to-earnings ratio of 21.12, a PEG ratio of 1.55 and a beta of 0.74. Crown Holdings, Inc. has a 1-year low of $75.98 and a 1-year high of $109.48. The business has a fifty day moving average price of $103.26 and a 200-day moving average price of $94.96.

Crown (NYSE:CCK - Get Free Report) last issued its 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. The company had revenue of $3.15 billion during the quarter, compared to analyst estimates of $3.10 billion. Crown had a return on equity of 27.15% and a net margin of 4.64%. The firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.81 EPS. Equities research analysts forecast that Crown Holdings, Inc. will post 6.96 EPS for the current fiscal year.

Crown Announces Dividend

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

Insider Buying and Selling at Crown

In other Crown news, CAO Gerard H. Gifford sold 8,222 shares of Crown stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $102.93, for a total transaction of $846,290.46. Following the completion of the transaction, the chief accounting officer owned 122,585 shares in the company, valued at approximately $12,617,674.05. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Citigroup reissued a "buy" rating on shares of Crown in a research note on Wednesday, July 23rd. Royal Bank Of Canada increased their price target on Crown from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen downgraded Crown from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Mizuho upped their price objective on Crown from $110.00 to $127.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on Crown from $108.00 to $112.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $120.67.

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.

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