M.D. Sass LLC Cuts Position in Crown Holdings, Inc. (NYSE:CCK)

Key Points

• M.D. Sass LLC reduced its stake in Crown Holdings, Inc. by 57.8%, now holding 285,835 shares valued at approximately $25.51 million, accounting for 2.2% of its portfolio.
• In the most recent earnings report, Crown posted $2.15 earnings per share, exceeding estimates, with quarterly revenue up 3.6% year-over-year.
• The company declared a quarterly dividend of $0.26 per share, with an annualized yield of 1.1%, scheduled for payment on August 21st.

M.D. Sass LLC lowered its stake in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 57.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 285,835 shares of the industrial products company's stock after selling 391,208 shares during the quarter. Crown accounts for about 2.2% of M.D. Sass LLC's portfolio, making the stock its 20th biggest holding. M.D. Sass LLC owned 0.24% of Crown worth $25,514,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its stake in Crown by 47.6% in 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 during the period. Signaturefd LLC grew its stake in Crown by 161.2% in 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 during the period. Colonial Trust Co SC grew its stake in Crown by 88.0% in 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 during the period. Parallel Advisors LLC grew its stake in Crown by 33.8% in 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 during the period. Finally, Natixis acquired a new stake in Crown in the 4th quarter valued at $91,000. Institutional investors and hedge funds own 90.93% of the company's stock.

Crown Trading Up 0.1%

CCK traded up $0.12 on Wednesday, hitting $98.20. The company had a trading volume of 196,989 shares, compared to its average volume of 1,291,776. The firm has a market cap of $11.43 billion, a P/E ratio of 20.61, a PEG ratio of 1.51 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 company's fifty day moving average price is $102.78 and its 200 day moving average price is $94.27. 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 issued its quarterly earnings data 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. The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.10 billion. Crown had a net margin of 4.64% and a return on equity of 27.15%. Crown's revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.81 EPS. As a group, equities analysts expect that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Dividend Announcement

The firm also recently declared 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 yield of 1.1%. Crown's dividend payout ratio is 21.85%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Baird R W cut shares of Crown from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. UBS Group lifted their target price on shares of Crown from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Truist Financial reaffirmed a "hold" rating and set a $118.00 target price (up previously from $117.00) on shares of Crown in a research note on Wednesday, July 23rd. Loop Capital lifted their target price on shares of Crown from $129.00 to $140.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Robert W. Baird lifted their target price on shares of Crown from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Crown has an average rating of "Moderate Buy" and an average target price of $120.67.

Insider Transactions at Crown

In other Crown news, VP Christy L. Kalaus sold 2,130 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $99.41, for a total transaction of $211,743.30. Following the sale, the vice president directly owned 4,500 shares in the company, valued at $447,345. This represents a 32.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gerard H. Gifford sold 8,222 shares of the business's 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 sale, the chief accounting officer 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. 0.90% of the stock is owned by corporate insiders.

About Crown

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.