Millennium Management LLC Sells 2,128,304 Shares of Crown Holdings, Inc. (NYSE:CCK)

Millennium Management LLC cut its position in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 76.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 662,005 shares of the industrial products company's stock after selling 2,128,304 shares during the period. Millennium Management LLC owned 0.55% of Crown worth $54,741,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CCK. Gateway Investment Advisers LLC lifted its position in shares of Crown by 2.3% during the fourth quarter. Gateway Investment Advisers LLC now owns 34,521 shares of the industrial products company's stock worth $2,855,000 after purchasing an additional 768 shares in the last quarter. Avanza Fonder AB acquired a new position in shares of Crown during the fourth quarter worth approximately $970,000. Merit Financial Group LLC acquired a new position in shares of Crown during the fourth quarter worth approximately $255,000. Hall Laurie J Trustee lifted its position in shares of Crown by 5.1% during the fourth quarter. Hall Laurie J Trustee now owns 25,425 shares of the industrial products company's stock worth $2,102,000 after purchasing an additional 1,235 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its position in shares of Crown by 172.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 29,329 shares of the industrial products company's stock worth $2,425,000 after purchasing an additional 18,563 shares in the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, 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 sale, the vice president now owns 4,500 shares in the company, valued at $447,345. This trade represents a 32.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Gerard H. Gifford sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $97.00, for a total transaction of $679,000.00. Following the completion of the transaction, the chief operating officer now directly owns 135,014 shares of the company's stock, valued at approximately $13,096,358. This trade represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by company insiders.

Crown Stock Performance

Crown stock traded down $1.12 during midday trading on Tuesday, hitting $99.03. The company's stock had a trading volume of 1,186,618 shares, compared to its average volume of 1,213,218. Crown Holdings, Inc. has a 1-year low of $70.84 and a 1-year high of $101.50. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.22 and a quick ratio of 0.80. The company has a 50-day moving average price of $89.98 and a two-hundred day moving average price of $88.48. The company has a market cap of $11.53 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 1.56 and a beta of 0.76.

Crown (NYSE:CCK - Get Free Report) last issued its earnings results on Monday, April 28th. The industrial products company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.22 by $0.45. The company had revenue of $2.89 billion during the quarter, compared to analysts' expectations of $2.82 billion. Crown had a net margin of 3.59% and a return on equity of 25.12%. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 EPS. As a group, sell-side analysts predict that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 29th. Investors of record on Thursday, May 15th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.05%. Crown's payout ratio is presently 22.37%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial dropped their price target on shares of Crown from $107.00 to $97.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Royal Bank of Canada upped their target price on shares of Crown from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Barclays upped their target price on shares of Crown from $109.00 to $117.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Mizuho upped their target price on shares of Crown from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, StockNews.com raised shares of Crown from a "hold" rating to a "buy" rating in a research note on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $110.45.

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.