Zurcher Kantonalbank Zurich Cantonalbank Acquires 44,630 Shares of Crown Holdings, Inc. (NYSE:CCK)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Crown Holdings, Inc. (NYSE:CCK) by 245.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 62,808 shares of the industrial products company’s stock after buying an additional 44,630 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Crown were worth $5,784,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CCK. BluePath Capital Management LLC purchased a new stake in shares of Crown in the third quarter worth about $25,000. Sound Income Strategies LLC purchased a new stake in shares of Crown in the fourth quarter worth about $26,000. Quarry LP purchased a new stake in Crown during the first quarter valued at approximately $58,000. UniSuper Management Pty Ltd purchased a new stake in Crown during the second quarter valued at approximately $78,000. Finally, TFC Financial Management Inc. raised its position in Crown by 23,000.0% during the third quarter. TFC Financial Management Inc. now owns 924 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 920 shares during the period. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CCK has been the topic of a number of recent research reports. Mizuho decreased their price objective on Crown from $105.00 to $96.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Robert W. Baird upgraded Crown from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $85.00 to $90.00 in a research report on Tuesday, April 16th. Wolfe Research initiated coverage on Crown in a research report on Friday, March 1st. They set an “outperform” rating and a $102.00 price objective on the stock. Truist Financial restated a “hold” rating and set a $88.00 price objective (down from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. upgraded Crown from a “neutral” rating to an “overweight” rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 7th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.21.

Crown Stock Up 1.0 %

Shares of NYSE:CCK opened at $77.67 on Monday. Crown Holdings, Inc. has a 52-week low of $69.61 and a 52-week high of $96.35. The stock has a market cap of $9.38 billion, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 2.63 and a beta of 0.91. The business’s 50 day moving average is $76.82 and its 200 day moving average is $82.75. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34.

Crown (NYSE:CCK) last announced its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.19). Crown had a return on equity of 25.75% and a net margin of 3.75%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the company earned $1.17 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. Sell-side analysts predict that Crown Holdings, Inc. will post 5.9 EPS for the current year.

Crown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.25 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.00 annualized dividend and a yield of 1.29%. This is a boost from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio is 26.60%.

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.