323,030 Shares in Crown Holdings, Inc. (NYSE:CCK) Purchased by Jennison Associates LLC

Jennison Associates LLC bought a new stake in Crown Holdings, Inc. (NYSE:CCK - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 323,030 shares of the industrial products company's stock, valued at approximately $29,748,000. Jennison Associates LLC owned 0.27% of Crown as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Handelsbanken Fonder AB raised its holdings in shares of Crown by 5.8% in the 4th quarter. Handelsbanken Fonder AB now owns 20,100 shares of the industrial products company's stock valued at $1,851,000 after purchasing an additional 1,100 shares during the period. CWM LLC raised its holdings in Crown by 28.3% in the 4th quarter. CWM LLC now owns 1,627 shares of the industrial products company's stock valued at $150,000 after acquiring an additional 359 shares during the period. Federated Hermes Inc. raised its holdings in Crown by 2.1% in the 4th quarter. Federated Hermes Inc. now owns 14,533 shares of the industrial products company's stock valued at $1,338,000 after acquiring an additional 296 shares during the period. Daiwa Securities Group Inc. raised its holdings in Crown by 4.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 7,472 shares of the industrial products company's stock valued at $688,000 after acquiring an additional 300 shares during the period. Finally, Steph & Co. raised its holdings in Crown by 151.3% in the 4th quarter. Steph & Co. now owns 3,144 shares of the industrial products company's stock valued at $290,000 after acquiring an additional 1,893 shares during the period. 90.93% of the stock is owned by institutional investors.

Crown Price Performance

Shares of NYSE CCK traded up $0.91 during trading hours on Thursday, hitting $79.74. 1,596,497 shares of the stock were exchanged, compared to its average volume of 1,209,485. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $96.35. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The company has a market cap of $9.63 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 2.67 and a beta of 0.91. The company's fifty day simple moving average is $77.10 and its two-hundred day simple moving average is $82.65.

Crown (NYSE:CCK - Get Free Report) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share for the quarter, missing analysts' consensus estimates of $1.43 by ($0.19). Crown had a net margin of 3.75% and a return on equity of 25.75%. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the business earned $1.17 EPS. The business's quarterly revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts predict that Crown Holdings, Inc. will post 5.9 EPS for the current year.

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.25%. This is a positive change from Crown's previous quarterly dividend of $0.24. Crown's dividend payout ratio (DPR) is currently 26.60%.

Wall Street Analyst Weigh In

CCK has been the topic of several research analyst reports. UBS Group initiated coverage on shares of Crown in a report on Tuesday, January 16th. They issued a "buy" rating and a $112.00 price target on the stock. Morgan Stanley started coverage on shares of Crown in a research report on Monday, March 18th. They set an "equal weight" rating and a $87.00 target price on the stock. Mizuho decreased their target price on shares of Crown from $105.00 to $96.00 and set a "buy" rating on the stock in a research report on Tuesday, February 6th. Truist Financial restated a "hold" rating and set a $88.00 target price (down previously from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. upgraded shares of Crown from a "neutral" rating to an "overweight" rating and set a $85.00 target price on the stock in a research report on Wednesday, February 7th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Crown presently has an average rating of "Moderate Buy" and a consensus target price of $99.21.

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.