Private Management Group Inc. Sells 2,404 Shares of Crown Holdings, Inc. (NYSE:CCK)

Key Points

• Private Management Group Inc. has reduced its stake in Crown Holdings, Inc. by 0.8%, holding 293,648 shares valued at approximately $26.21 million as of the latest SEC filing.
• Insider selling activity was reported, including COO Gerard H. Gifford selling 7,000 shares for $679,000, resulting in a 4.93% decrease in their ownership.
• Crown Holdings recently declared a quarterly dividend of $0.26, translating to an annualized yield of 1.00%, with a dividend payout ratio of 21.85%.

Private Management Group Inc. cut its holdings in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 293,648 shares of the industrial products company's stock after selling 2,404 shares during the quarter. Private Management Group Inc. owned approximately 0.25% of Crown worth $26,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of CCK. Mirae Asset Global Investments Co. Ltd. lifted its position in Crown by 155.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,793 shares of the industrial products company's stock valued at $158,000 after acquiring an additional 1,091 shares in the last quarter. GAMMA Investing LLC raised its position in Crown by 110.3% in the 1st quarter. GAMMA Investing LLC now owns 1,201 shares of the industrial products company's stock worth $107,000 after purchasing an additional 630 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in Crown during the 1st quarter worth $820,000. State of Alaska Department of Revenue increased its position in shares of Crown by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 13,695 shares of the industrial products company's stock worth $1,222,000 after purchasing an additional 215 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Crown by 588.0% during the fourth quarter. NewEdge Advisors LLC now owns 5,566 shares of the industrial products company's stock valued at $460,000 after buying an additional 4,757 shares during the last quarter. 90.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Baird R W downgraded shares of Crown from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Crown from $108.00 to $112.00 and gave the company an "overweight" rating in a research note on Wednesday. Bank of America increased their price objective on shares of Crown from $110.00 to $117.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. 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. Finally, Barclays lifted their price objective on shares of Crown from $109.00 to $117.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Four 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. Based on data from MarketBeat.com, Crown presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.67.

Insider Buying and Selling

In other news, COO Gerard H. Gifford sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $97.00, for a total value of $679,000.00. Following the completion of the transaction, the chief operating officer directly owned 135,014 shares in the company, valued at approximately $13,096,358. This trade represents a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christy L. Kalaus sold 2,130 shares of Crown stock in a transaction on Friday, May 16th. The stock was 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 own 0.90% of the company's stock.

Crown Price Performance

Shares of CCK traded down $1.24 during mid-day trading on Friday, hitting $102.96. 1,370,236 shares of the company traded hands, compared to its average volume of 1,163,508. Crown Holdings, Inc. has a one year low of $75.98 and a one year high of $109.48. The company has a current ratio of 1.06, a quick ratio of 0.56 and a debt-to-equity ratio of 1.67. The business has a 50-day moving average of $102.63 and a 200 day moving average of $93.37. The stock has a market capitalization of $11.98 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.58 and a beta of 0.76.

Crown (NYSE:CCK - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The industrial products company reported $2.15 EPS for the quarter, topping analysts' consensus estimates of $1.86 by $0.29. Crown had a net margin of 4.64% and a return on equity of 27.15%. The business had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period last year, the business posted $1.81 earnings per share. The firm's quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities analysts expect that Crown Holdings, Inc. will post 6.96 earnings per share for the current fiscal year.

Crown Dividend Announcement

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 given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Thursday, August 7th. Crown's payout ratio is presently 21.85%.

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.