Jensen Investment Management Inc. Sells 13,900 Shares of Crown Holdings, Inc. (NYSE:CCK)

Key Points

• Jensen Investment Management Inc. reduced its stake in Crown Holdings, Inc. by 15.6%, selling 13,900 shares and holding 75,418 shares valued at approximately $6.73 million as of the latest SEC filing.
• Several institutional investors made adjustments to their holdings in Crown, including Larson Financial Group LLC, which increased its stake by 47.6% during the first quarter.
• Crown Holdings recently reported quarterly earnings of $2.15 per share, exceeding analysts' expectations of $1.86, while its revenue for the quarter was $3.15 billion.

Jensen Investment Management Inc. cut its holdings in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) by 15.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,418 shares of the industrial products company's stock after selling 13,900 shares during the period. Jensen Investment Management Inc. owned approximately 0.06% of Crown worth $6,732,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Crown by 5.6% during the 1st 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 purchasing an additional 167,252 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Crown by 30.6% during the 4th quarter. AQR Capital Management LLC now owns 1,705,081 shares of the industrial products company's stock valued at $140,720,000 after purchasing an additional 399,842 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Crown by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,553,632 shares of the industrial products company's stock valued at $128,464,000 after purchasing an additional 12,784 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Crown by 22.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,549,470 shares of the industrial products company's stock valued at $128,126,000 after purchasing an additional 279,596 shares during the period. Finally, Northern Trust Corp increased its position in shares of Crown by 32.0% during the 4th quarter. Northern Trust Corp now owns 1,092,911 shares of the industrial products company's stock valued at $90,373,000 after purchasing an additional 264,803 shares during the period. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Christy L. Kalaus sold 2,130 shares of the company's stock in a transaction 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 transaction, the vice president directly owned 4,500 shares of the company's stock, valued at approximately $447,345. This represents a 32.13% decrease in their ownership of the stock. The transaction 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 company'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 completion of the transaction, the chief accounting officer directly owned 122,585 shares in the company, valued at $12,617,674.05. This trade represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company's stock.

Crown Stock Up 0.6%

NYSE:CCK traded up $0.61 during trading hours on Friday, hitting $101.38. 966,227 shares of the stock traded hands, compared to its average volume of 1,377,790. The firm has a 50 day moving average price of $102.92 and a 200 day moving average price of $94.56. The company has a current ratio of 1.06, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. Crown Holdings, Inc. has a fifty-two week low of $75.98 and a fifty-two week high of $109.48. The firm has a market cap of $11.80 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 1.55 and a beta of 0.74.

Crown (NYSE:CCK - Get Free Report) last announced its earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the previous year, the business earned $1.81 EPS. The company's revenue was up 3.6% on a year-over-year basis. Equities research analysts anticipate that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a $0.26 dividend. The ex-dividend date of this dividend 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 is 21.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CCK shares. UBS Group lifted their price target on Crown from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Robert W. Baird lifted 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. Citigroup reiterated a "buy" rating on shares of Crown in a research report on Wednesday, July 23rd. Wells Fargo & Company upped their price target on Crown from $101.00 to $110.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, Truist Financial reaffirmed a "hold" rating and issued a $118.00 price target (up previously from $117.00) on shares of Crown in a report on Wednesday, July 23rd. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.