Envestnet Asset Management Inc. Reduces Stock Position in Crown Holdings, Inc. (NYSE:CCK)

Posted by Defense World Staff on May 14th, 2023

Envestnet Asset Management Inc. lessened its stake in shares of Crown Holdings, Inc. (NYSE:CCK – Get Rating) by 8.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,500 shares of the industrial products company’s stock after selling 5,438 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Crown were worth $4,891,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCK. Tobam purchased a new stake in Crown during the 3rd quarter worth about $31,000. Montag A & Associates Inc. purchased a new stake in Crown during the 4th quarter worth about $33,000. Harvest Fund Management Co. Ltd purchased a new stake in Crown during the 4th quarter worth about $40,000. Wipfli Financial Advisors LLC purchased a new stake in Crown in the 3rd quarter valued at about $48,000. Finally, Ronald Blue Trust Inc. grew its holdings in Crown by 53.3% in the 4th quarter. Ronald Blue Trust Inc. now owns 650 shares of the industrial products company’s stock valued at $53,000 after buying an additional 226 shares during the period.

Crown Stock Performance

Crown stock opened at $82.02 on Friday. The stock’s 50 day moving average price is $80.91 and its 200 day moving average price is $81.98. The firm has a market capitalization of $9.85 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 2.73 and a beta of 1.05. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.73 and a current ratio of 1.30. Crown Holdings, Inc. has a one year low of $66.00 and a one year high of $110.80.

Crown (NYSE:CCK – Get Rating) last released its quarterly earnings results on Monday, April 24th. The industrial products company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.05 by $0.15. Crown had a return on equity of 31.41% and a net margin of 4.81%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period in the previous year, the company posted $2.01 EPS. Crown’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, sell-side analysts expect that Crown Holdings, Inc. will post 6.28 EPS for the current fiscal year.

Crown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 25th. Shareholders of record on Thursday, May 11th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Wednesday, May 10th. Crown’s payout ratio is 18.90%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Mizuho lifted their price target on Crown from $103.00 to $108.00 in a report on Wednesday, April 26th. Barclays lifted their price target on Crown from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, February 13th. TheStreet upgraded Crown from a “c” rating to a “b-” rating in a report on Wednesday, February 8th. Royal Bank of Canada lifted their price target on Crown from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Friday, February 10th. Finally, StockNews.com upgraded Crown from a “sell” rating to a “hold” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.60.

Insider Buying and Selling at Crown

In other Crown news, Director James H. Miller sold 9,300 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $84.86, for a total value of $789,198.00. Following the transaction, the director now directly owns 19,801 shares of the company’s stock, valued at approximately $1,680,312.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

Crown Profile

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Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans, beverage, promotional, and transit packaging, closures and capping, and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.