Hennessy Advisors Inc. Sells 11,900 Shares of Crown Holdings, Inc. $CCK

Key Points

• Hennessy Advisors reduced its Crown Holdings stake by 3.1%, selling 11,900 shares and retaining 373,600 shares worth approximately $39.4 million. Institutional investors collectively own 90.93% of Crown.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and five Holds, resulting in a consensus rating of “Moderate Buy” and an average price target of $128.47.
• Crown reported stronger-than-expected quarterly results, with EPS of $2.39 versus the $2.26 estimate and revenue of $3.71 billion. The company also declared a quarterly dividend of $0.35 per share, representing a 1.2% annualized yield.

Hennessy Advisors Inc. lowered its holdings in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 373,600 shares of the industrial products company's stock after selling 11,900 shares during the quarter. Crown comprises about 1.4% of Hennessy Advisors Inc.'s investment portfolio, making the stock its 13th biggest position. Hennessy Advisors Inc. owned approximately 0.34% of Crown worth $39,381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Crown in the third quarter valued at approximately $4,237,000. Vise Technologies Inc. raised its holdings in Crown by 8.1% in the 3rd quarter. Vise Technologies Inc. now owns 4,902 shares of the industrial products company's stock worth $517,000 after acquiring an additional 369 shares during the period. State of Wyoming raised its holdings in Crown by 163.0% in the 3rd quarter. State of Wyoming now owns 5,302 shares of the industrial products company's stock worth $559,000 after acquiring an additional 3,286 shares during the period. Parcion Private Wealth LLC bought a new position in Crown in the 3rd quarter worth $278,000. Finally, Choreo LLC lifted its position in Crown by 12.0% during the 3rd quarter. Choreo LLC now owns 6,103 shares of the industrial products company's stock worth $643,000 after acquiring an additional 654 shares during the last quarter. Institutional investors and hedge funds own 90.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CCK shares. Robert W. Baird raised their price target on Crown from $120.00 to $130.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada boosted their price objective on Crown from $131.00 to $135.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. UBS Group increased their target price on Crown from $116.00 to $118.00 and gave the company a "neutral" rating in a research note on Wednesday, October 21st. Mizuho raised their target price on Crown from $130.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company reaffirmed a "cautious" rating on shares of Crown in a report on Monday, October 19th. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $128.47.

Crown Stock Up 0.1%

NYSE CCK opened at $119.30 on Monday. Crown Holdings, Inc. has a twelve month low of $91.31 and a twelve month high of $122.91. The stock has a market cap of $12.89 billion, a PE ratio of 16.62, a PEG ratio of 1.49 and a beta of 0.54. The firm has a 50-day simple moving average of $112.79 and a 200 day simple moving average of $108.45. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.71 and a current ratio of 1.14.

Crown (NYSE:CCK - Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.13. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.45 billion. Crown had a return on equity of 27.41% and a net margin of 5.78%. The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.24 earnings per share. On average, research analysts forecast that Crown Holdings, Inc. will post 8.41 EPS for the current year.

Crown Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, November 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. Crown's payout ratio is currently 19.50%.

About Crown

Crown Holdings, Inc NYSE: CCK is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown's products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.

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