Kestra Private Wealth Services LLC Invests $255,000 in Crown Holdings, Inc. (NYSE:CCK)

Key Points

• Kestra Private Wealth Services LLC invested approximately $255,000 in Crown Holdings, Inc. by acquiring 2,856 shares in the first quarter of the year.
• A number of institutional investors made significant changes to their positions in Crown, with Norges Bank purchasing a new stake worth around $113.6 million in the fourth quarter.
• Analysts have raised their price targets for Crown, with recent targets including $140.00 from Loop Capital, contributing to a consensus average target price of $120.67.

Kestra Private Wealth Services LLC bought a new stake in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 2,856 shares of the industrial products company's stock, valued at approximately $255,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CCK. Larson Financial Group LLC raised its position in shares of Crown by 47.6% during the 1st quarter. Larson Financial Group LLC now owns 332 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 107 shares in the last quarter. Signaturefd LLC raised its position in shares of Crown by 161.2% during the 1st quarter. Signaturefd LLC now owns 397 shares of the industrial products company's stock valued at $35,000 after acquiring an additional 245 shares in the last quarter. Colonial Trust Co SC raised its position in shares of Crown by 88.0% during the 4th quarter. Colonial Trust Co SC now owns 752 shares of the industrial products company's stock valued at $62,000 after acquiring an additional 352 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Crown by 33.8% during the 1st quarter. Parallel Advisors LLC now owns 811 shares of the industrial products company's stock valued at $72,000 after acquiring an additional 205 shares in the last quarter. Finally, Natixis acquired a new stake in shares of Crown during the 4th quarter valued at approximately $91,000. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Christy L. Kalaus sold 2,130 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $99.41, for a total value of $211,743.30. Following the completion of the transaction, the vice president owned 4,500 shares in the company, valued at $447,345. This trade represents a 32.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Gerard H. Gifford sold 8,222 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $102.93, for a total value of $846,290.46. Following the sale, the chief accounting officer owned 122,585 shares of the company's stock, valued at $12,617,674.05. The trade was a 6.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CCK shares. Morgan Stanley increased their target price on Crown from $114.00 to $118.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 25th. Citigroup reaffirmed a "buy" rating on shares of Crown in a research report on Wednesday, July 23rd. Truist Financial reaffirmed a "hold" rating and issued a $118.00 target price (up from $117.00) on shares of Crown in a research report on Wednesday, July 23rd. Wall Street Zen raised Crown from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, Wells Fargo & Company increased their target price on Crown from $101.00 to $110.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $120.67.

Crown Price Performance

CCK stock traded down $1.23 during trading hours on Friday, hitting $98.14. 437,812 shares of the stock traded hands, compared to its average volume of 1,293,352. The stock has a 50-day simple moving average of $102.72 and a 200 day simple moving average of $93.81. Crown Holdings, Inc. has a one year low of $75.98 and a one year high of $109.48. The company has a market cap of $11.42 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.52 and a beta of 0.76. 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 (NYSE:CCK - Get Free Report) last announced its earnings results on Monday, July 21st. The industrial products company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.29. Crown had a return on equity of 27.15% and a net margin of 4.64%. The business had revenue of $3.15 billion during the quarter, compared to analysts' expectations of $3.10 billion. During the same quarter last year, the business posted $1.81 earnings per share. The company's quarterly revenue was up 3.6% on a year-over-year basis. Equities analysts forecast that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a $0.26 dividend. The ex-dividend date is Thursday, August 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Crown's dividend payout ratio (DPR) is 21.85%.

Crown 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.