OLD National Bancorp IN Reduces Stock Position in Crown Holdings, Inc. (NYSE:CCK)

OLD National Bancorp IN decreased its holdings in Crown Holdings, Inc. (NYSE:CCK) by 24.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,273 shares of the industrial products company’s stock after selling 1,377 shares during the quarter. OLD National Bancorp IN’s holdings in Crown were worth $394,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CCK. Toronto Dominion Bank boosted its holdings in shares of Crown by 41.9% in the third quarter. Toronto Dominion Bank now owns 2,213,904 shares of the industrial products company’s stock worth $195,886,000 after buying an additional 654,082 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Crown by 46.7% in the third quarter. Hsbc Holdings PLC now owns 1,414,343 shares of the industrial products company’s stock worth $125,449,000 after buying an additional 450,087 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Crown by 9.6% in the third quarter. Victory Capital Management Inc. now owns 4,786,441 shares of the industrial products company’s stock worth $423,504,000 after buying an additional 418,220 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Crown in the third quarter worth approximately $32,989,000. Finally, FMR LLC boosted its holdings in shares of Crown by 8.6% in the third quarter. FMR LLC now owns 3,776,097 shares of the industrial products company’s stock worth $334,109,000 after buying an additional 298,766 shares during the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CCK shares. Royal Bank of Canada decreased their target price on shares of Crown from $110.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, February 8th. 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 note on Wednesday, March 27th. 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 note on Tuesday, February 6th. Wells Fargo & Company decreased their target price on shares of Crown from $78.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 11th. Finally, Wolfe Research started coverage on shares of Crown in a research note on Friday, March 1st. They set an “outperform” rating and a $102.00 target price on the stock. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.21.

Crown Stock Up 0.3 %

NYSE CCK opened at $78.83 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The company has a fifty day moving average of $77.00 and a two-hundred day moving average of $82.68. The firm has a market capitalization of $9.52 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 2.69 and a beta of 0.91. Crown Holdings, Inc. has a 52 week low of $69.61 and a 52 week high of $96.35.

Crown (NYSE:CCK) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.19). The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 earnings per share. On average, analysts predict that Crown Holdings, Inc. will post 5.9 earnings per share for the current year.

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.25 per share. This is a positive change from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Wednesday, March 13th. Crown’s payout ratio is currently 26.60%.

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.