KLP Kapitalforvaltning AS Purchases New Shares in Crown Holdings, Inc. (NYSE:CCK)

KLP Kapitalforvaltning AS purchased a new position in Crown Holdings, Inc. (NYSE:CCK) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 78,582 shares of the industrial products company’s stock, valued at approximately $6,498,000.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in Crown by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 803,735 shares of the industrial products company’s stock valued at $77,062,000 after acquiring an additional 13,145 shares during the period. Raymond James Trust N.A. purchased a new position in shares of Crown during the third quarter valued at approximately $277,000. Citigroup Inc. boosted its position in shares of Crown by 11.0% in the 3rd quarter. Citigroup Inc. now owns 73,654 shares of the industrial products company’s stock worth $7,062,000 after purchasing an additional 7,319 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Crown by 369.0% in the 3rd quarter. Cerity Partners LLC now owns 39,610 shares of the industrial products company’s stock worth $3,798,000 after buying an additional 31,164 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Crown in the 3rd quarter worth approximately $468,000. Institutional investors own 90.93% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on CCK shares. Truist Financial boosted their target price on Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Mizuho dropped their price target on shares of Crown from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada lifted their target price on shares of Crown from $113.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Citigroup upped their target price on shares of Crown from $110.00 to $111.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, UBS Group reduced their price target on shares of Crown from $113.00 to $108.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Crown has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

Crown Stock Performance

CCK stock opened at $87.10 on Wednesday. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.22 and a quick ratio of 0.80. Crown Holdings, Inc. has a 1 year low of $70.84 and a 1 year high of $98.46. The company has a market cap of $10.24 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 1.56 and a beta of 0.88. The stock’s fifty day moving average price is $88.02 and its 200-day moving average price is $89.50.

Crown (NYSE:CCK) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.08. Crown had a return on equity of 25.12% and a net margin of 3.59%. On average, equities analysts forecast that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th will be issued a dividend of $0.26 per share. This is a boost from Crown’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Tuesday, March 18th. Crown’s dividend payout ratio is currently 29.21%.

About Crown

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.