KLP Kapitalforvaltning AS Sells 29,900 Shares of Crown Holdings, Inc. (NYSE:CCK)

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Crown Holdings, Inc. by 38%, selling 29,900 shares, and now holds 48,682 shares valued at approximately $4.36 million.
• Several institutional investors increased their positions in Crown Holdings, with Larson Financial Group boosting its stake by 47.6% during the first quarter.
• Analysts have set a consensus price target of $120.67 for Crown Holdings, with ratings ranging from "hold" to "strong buy" across multiple firms.

KLP Kapitalforvaltning AS trimmed its position in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 38.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,682 shares of the industrial products company's stock after selling 29,900 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Crown were worth $4,356,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Crown by 19.0% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 104,004 shares of the industrial products company's stock valued at $9,283,000 after purchasing an additional 16,582 shares in the last quarter. Choreo LLC raised its stake in shares of Crown by 57.0% in the 1st quarter. Choreo LLC now owns 4,670 shares of the industrial products company's stock valued at $418,000 after buying an additional 1,695 shares in the last quarter. Carmel Capital Partners LLC raised its stake in shares of Crown by 6.1% in the 1st quarter. Carmel Capital Partners LLC now owns 18,859 shares of the industrial products company's stock valued at $1,683,000 after buying an additional 1,077 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new position in shares of Crown in the 1st quarter valued at $255,000. Finally, Foundry Partners LLC acquired a new position in Crown in the first quarter worth about $633,000. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Crown Price Performance

Shares of NYSE:CCK traded down $0.08 during midday trading on Tuesday, reaching $101.40. The company's stock had a trading volume of 169,321 shares, compared to its average volume of 1,297,466. Crown Holdings, Inc. has a fifty-two week low of $75.98 and a fifty-two week high of $109.48. The company has a market capitalization of $11.80 billion, a P/E ratio of 21.29, a P/E/G ratio of 1.58 and a beta of 0.76. 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 business's fifty day simple moving average is $102.65 and its 200-day simple moving average is $93.72.

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

Crown Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 1.03%. Crown's dividend payout ratio (DPR) is currently 21.85%.

Wall Street Analyst Weigh In

CCK has been the subject of several recent research reports. Truist Financial reissued a "hold" rating and issued a $118.00 price target (up previously from $117.00) on shares of Crown in a research report on Wednesday, July 23rd. Bank of America increased their target price on Crown from $110.00 to $117.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Barclays increased their target price on Crown from $109.00 to $117.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Baird R W lowered Crown from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley increased their price objective on Crown from $114.00 to $118.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 25th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Crown currently has an average rating of "Moderate Buy" and an average price target of $120.67.

Insider Buying and Selling at Crown

In other news, CAO Gerard H. Gifford sold 8,222 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $102.93, for a total value of $846,290.46. Following the transaction, the chief accounting officer owned 122,585 shares of the company's stock, valued at approximately $12,617,674.05. This trade represents a 6.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christy L. Kalaus sold 2,130 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $99.41, for a total transaction of $211,743.30. Following the completion of the transaction, the vice president directly owned 4,500 shares in the company, valued at approximately $447,345. The trade was a 32.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,352 shares of company stock valued at $1,737,034 over the last three months. Insiders own 0.90% of the company's stock.

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.