Clearline Capital LP Has $1.83 Million Position in Crown Holdings, Inc. (NYSE:CCK)

Clearline Capital LP cut its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 87.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,087 shares of the industrial products company’s stock after selling 135,368 shares during the quarter. Clearline Capital LP’s holdings in Crown were worth $1,830,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CCK. Sessa Capital IM L.P. grew its holdings in shares of Crown by 153.0% during the 2nd quarter. Sessa Capital IM L.P. now owns 3,289,374 shares of the industrial products company’s stock worth $244,697,000 after purchasing an additional 1,989,374 shares in the last quarter. Metropolis Capital Ltd boosted its stake in Crown by 269.7% during the third quarter. Metropolis Capital Ltd now owns 1,455,752 shares of the industrial products company’s stock worth $139,578,000 after buying an additional 1,062,001 shares in the last quarter. Jennison Associates LLC increased its holdings in Crown by 125.0% in the 3rd quarter. Jennison Associates LLC now owns 1,352,711 shares of the industrial products company’s stock valued at $129,698,000 after buying an additional 751,530 shares during the period. FMR LLC lifted its holdings in shares of Crown by 9.3% during the 3rd quarter. FMR LLC now owns 8,787,606 shares of the industrial products company’s stock worth $842,556,000 after acquiring an additional 749,085 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in Crown by 31.5% in the second quarter. 1832 Asset Management L.P. now owns 1,976,500 shares of the industrial products company’s stock valued at $147,032,000 after acquiring an additional 473,000 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

Analyst Upgrades and Downgrades

CCK has been the topic of a number of recent research reports. Citigroup lifted their price objective on Crown from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Royal Bank of Canada upped their price target on Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Mizuho set a $110.00 target price on shares of Crown in a report on Friday, October 18th. Truist Financial lifted their price target on shares of Crown from $95.00 to $103.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. Finally, Loop Capital raised their price objective on shares of Crown from $120.00 to $129.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $106.62.

Crown Stock Performance

Shares of Crown stock opened at $92.09 on Monday. Crown Holdings, Inc. has a 52 week low of $69.61 and a 52 week high of $98.46. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21. The stock has a market capitalization of $11.02 billion, a price-to-earnings ratio of 113.69, a PEG ratio of 2.04 and a beta of 0.85. The firm has a fifty day moving average of $93.53 and a two-hundred day moving average of $87.13.

Crown (NYSE:CCK) last released its earnings results on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.18. The firm had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. As a group, equities research analysts predict that Crown Holdings, Inc. will post 6.34 EPS for the current year.

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Thursday, November 14th. Crown’s dividend payout ratio (DPR) is presently 123.46%.

Insider Activity

In other news, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total transaction of $96,173.60. Following the sale, the director now owns 12,424 shares in the company, valued at $1,187,734.40. This represents a 7.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total transaction of $725,475.00. Following the transaction, the chief executive officer now owns 563,678 shares in the company, valued at approximately $54,524,572.94. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,506 shares of company stock worth $3,157,399 over the last quarter. 0.90% of the stock is currently owned by company insiders.

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.