California State Teachers Retirement System grew its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 0.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 212,836 shares of the industrial products company’s stock after purchasing an additional 1,421 shares during the quarter. California State Teachers Retirement System’s holdings in Crown were worth $14,060,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of CCK. Marshall Wace LLP acquired a new position in shares of Crown in the first quarter valued at approximately $321,000. First Trust Advisors LP boosted its position in shares of Crown by 2.5% in the first quarter. First Trust Advisors LP now owns 75,709 shares of the industrial products company’s stock valued at $4,131,000 after acquiring an additional 1,844 shares during the period. Oregon Public Employees Retirement Fund bought a new stake in shares of Crown in the second quarter valued at about $1,185,000. FDx Advisors Inc. grew its stake in shares of Crown by 10.9% in the second quarter. FDx Advisors Inc. now owns 5,610 shares of the industrial products company’s stock valued at $343,000 after acquiring an additional 553 shares in the last quarter. Finally, BB&T Corp grew its stake in shares of Crown by 14.4% in the second quarter. BB&T Corp now owns 9,548 shares of the industrial products company’s stock valued at $584,000 after acquiring an additional 1,204 shares in the last quarter. Hedge funds and other institutional investors own 93.36% of the company’s stock.
Several analysts have weighed in on CCK shares. Zacks Investment Research upgraded shares of Crown from a “sell” rating to a “hold” rating and set a $67.00 price objective for the company in a research note on Tuesday, September 10th. Wells Fargo & Co increased their target price on shares of Crown from $75.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their target price on shares of Crown from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. KeyCorp reaffirmed a “hold” rating on shares of Crown in a report on Thursday, October 17th. Finally, Royal Bank of Canada boosted their price target on Crown from $79.00 to $83.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $75.30.
Crown (NYSE:CCK) last announced its quarterly earnings data on Wednesday, October 16th. The industrial products company reported $1.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.01). Crown had a return on equity of 41.91% and a net margin of 4.10%. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the previous year, the company earned $1.71 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. On average, analysts anticipate that Crown Holdings, Inc. will post 5.02 EPS for the current fiscal year.
In other news, COO Gerard H. Gifford sold 10,000 shares of Crown stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $74.41, for a total value of $744,100.00. Following the transaction, the chief operating officer now owns 152,292 shares in the company, valued at approximately $11,332,047.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Hock Huat Goh sold 3,125 shares of Crown stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $74.16, for a total value of $231,750.00. Following the completion of the transaction, the insider now owns 42,423 shares in the company, valued at approximately $3,146,089.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,250 shares of company stock valued at $1,193,944. 1.90% of the stock is currently owned by 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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