Vanguard Group Inc. cut its stake in Crown Holdings, Inc. (NYSE:CCK) by 0.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,483,440 shares of the industrial products company’s stock after selling 13,968 shares during the quarter. Vanguard Group Inc. owned about 9.21% of Crown worth $762,739,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC bought a new position in shares of Crown in the 1st quarter worth about $32,000. Oakworth Capital Inc. bought a new position in shares of Crown in the 2nd quarter worth about $42,000. Rockefeller Capital Management L.P. increased its stake in shares of Crown by 53.2% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 691 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 240 shares in the last quarter. First Personal Financial Services increased its stake in shares of Crown by 73.7% in the 2nd quarter. First Personal Financial Services now owns 1,002 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 425 shares in the last quarter. Finally, Advisory Alpha LLC bought a new position in shares of Crown in the 1st quarter worth about $118,000. Institutional investors and hedge funds own 96.17% of the company’s stock.
Several research analysts recently issued reports on CCK shares. Zacks Investment Research upgraded shares of Crown from a “sell” rating to a “hold” rating and set a $67.00 price target for the company in a research note on Tuesday, September 10th. Citigroup set a $75.00 price target on shares of Crown and gave the stock a “buy” rating in a research note on Tuesday, September 10th. ValuEngine upgraded shares of Crown from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $75.00 price target (up from $65.00) on shares of Crown in a research note on Friday, September 20th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $65.67.
Crown (NYSE:CCK) last released its quarterly earnings data on Wednesday, July 17th. The industrial products company reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.03). The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.04 billion. Crown had a net margin of 3.91% and a return on equity of 48.36%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.55 earnings per share. Equities analysts anticipate that Crown Holdings, Inc. will post 5.09 EPS for the current fiscal year.
In other Crown news, COO Gerard H. Gifford sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $67.92, for a total transaction of $679,200.00. Following the completion of the sale, the chief operating officer now directly owns 152,292 shares in the company, valued at approximately $10,343,672.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is currently owned by company insiders.
Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.
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