Convergence Investment Partners LLC boosted its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 38.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,592 shares of the industrial products company’s stock after acquiring an additional 3,190 shares during the quarter. Convergence Investment Partners LLC’s holdings in Crown were worth $755,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in Crown in the first quarter valued at approximately $321,000. First Trust Advisors LP grew its holdings in 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 purchasing an additional 1,844 shares during the period. Public Sector Pension Investment Board acquired a new stake in Crown in the fourth quarter valued at approximately $530,000. Advisors Asset Management Inc. grew its holdings in Crown by 48.9% in the fourth quarter. Advisors Asset Management Inc. now owns 1,467 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 482 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in Crown by 6.5% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,020 shares of the industrial products company’s stock valued at $1,083,000 after purchasing an additional 913 shares during the period. Institutional investors own 89.43% of the company’s stock.
Several analysts have commented on CCK shares. Barclays reissued a “buy” rating on shares of Crown in a report on Thursday, July 23rd. Jefferies Financial Group assumed coverage on Crown in a report on Monday, July 13th. They issued a “buy” rating and a $80.00 price objective on the stock. JPMorgan Chase & Co. lowered their price target on Crown from $87.00 to $83.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 15th. Wells Fargo & Co lifted their price target on Crown from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. Finally, Deutsche Bank lifted their price target on Crown from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $80.75.
Crown stock traded down $0.42 during trading on Friday, reaching $71.58. 844,252 shares of the company were exchanged, compared to its average volume of 979,352. Crown Holdings, Inc. has a 52-week low of $42.97 and a 52-week high of $80.57. The company has a market capitalization of $9.65 billion, a P/E ratio of 19.94, a PEG ratio of 2.76 and a beta of 1.25. The company has a debt-to-equity ratio of 3.67, a current ratio of 1.15 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $67.04 and its two-hundred day simple moving average is $66.52.
Crown (NYSE:CCK) last announced its quarterly earnings data on Monday, July 20th. The industrial products company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. Crown had a return on equity of 32.53% and a net margin of 4.28%. The firm had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the business posted $1.46 earnings per share. The firm’s revenue was down 11.4% compared to the same quarter last year. As a group, equities analysts forecast that Crown Holdings, Inc. will post 5.19 earnings per share for the current year.
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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