Point72 DIFC Ltd Acquires Shares of 4,429 Crown Holdings, Inc. (NYSE:CCK)

Point72 DIFC Ltd bought a new position in shares of Crown Holdings, Inc. (NYSE:CCK) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 4,429 shares of the industrial products company’s stock, valued at approximately $425,000.

A number of other large investors have also modified their holdings of the business. Point72 Asset Management L.P. boosted its position in Crown by 638.2% during the third quarter. Point72 Asset Management L.P. now owns 376,998 shares of the industrial products company’s stock worth $36,147,000 after acquiring an additional 325,928 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in shares of Crown during the 3rd quarter worth approximately $4,161,000. Investment Management Corp of Ontario grew its position in shares of Crown by 136.0% in the third quarter. Investment Management Corp of Ontario now owns 6,559 shares of the industrial products company’s stock valued at $629,000 after purchasing an additional 3,780 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Crown by 47.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,269,874 shares of the industrial products company’s stock valued at $121,756,000 after purchasing an additional 408,828 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in Crown by 18.2% during the third quarter. HighTower Advisors LLC now owns 10,432 shares of the industrial products company’s stock worth $1,007,000 after buying an additional 1,609 shares in the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CCK. Royal Bank of Canada upped their target price on Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Truist Financial raised their price objective on shares of Crown from $95.00 to $103.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Mizuho set a $110.00 target price on shares of Crown in a report on Friday, October 18th. Barclays raised their price target on shares of Crown from $100.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, Citigroup upped 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. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.62.

Crown Price Performance

CCK opened at $88.34 on Friday. The stock’s 50-day moving average price is $93.11 and its 200 day moving average price is $87.31. Crown Holdings, Inc. has a 12-month low of $69.61 and a 12-month high of $98.46. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 109.06, a PEG ratio of 2.04 and a beta of 0.83. The company has a current ratio of 1.21, a quick ratio of 0.84 and a debt-to-equity ratio of 2.19.

Crown (NYSE:CCK) last issued its quarterly earnings results on Thursday, October 17th. The industrial products company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.18. The business had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a net margin of 0.83% and a return on equity of 24.57%. As a group, sell-side analysts expect that Crown Holdings, Inc. will post 6.34 earnings per share for the current year.

Crown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.13%. Crown’s dividend payout ratio (DPR) is 123.46%.

Insider Transactions at Crown

In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $93.00, for a total transaction of $697,500.00. Following the completion of the transaction, the chief executive officer now owns 571,178 shares in the company, valued at $53,119,554. The trade was a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Gerard H. Gifford sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $95.89, for a total transaction of $958,900.00. Following the completion of the sale, the chief operating officer now owns 114,402 shares in the company, valued at $10,970,007.78. The trade was a 8.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,006 shares of company stock valued at $2,478,049. 0.90% of the stock is currently owned by company insiders.

Crown 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.