Mackenzie Financial Corp Makes New Investment in Crown Holdings, Inc. (NYSE:CCK)

Mackenzie Financial Corp purchased a new stake in Crown Holdings, Inc. (NYSE:CCK) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,745 shares of the industrial products company’s stock, valued at approximately $253,000.

A number of other institutional investors have also made changes to their positions in CCK. Strs Ohio bought a new stake in shares of Crown in the fourth quarter valued at approximately $1,143,000. Louisiana State Employees Retirement System acquired a new stake in shares of Crown during the 4th quarter worth approximately $3,122,000. Custom Index Systems LLC acquired a new stake in shares of Crown during the 4th quarter valued at about $281,000. Impax Asset Management Group plc increased its stake in Crown by 7.1% in the fourth quarter. Impax Asset Management Group plc now owns 2,013,351 shares of the industrial products company’s stock valued at $185,409,000 after acquiring an additional 133,813 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in Crown in the fourth quarter worth about $231,000. 90.93% of the stock is currently owned by institutional investors.

Crown Stock Performance

CCK opened at $80.59 on Monday. The business has a fifty day simple moving average of $77.43 and a 200 day simple moving average of $82.59. The company has a market capitalization of $9.73 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. Crown Holdings, Inc. has a 1 year low of $69.61 and a 1 year high of $96.35. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.15 and a quick ratio of 0.77.

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

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Wednesday, March 13th. This is a positive change from Crown’s previous quarterly dividend of $0.24. Crown’s payout ratio is 26.60%.

Analyst Ratings Changes

Several research firms have recently weighed in on CCK. Wolfe Research initiated coverage on Crown in a research note on Friday, March 1st. They issued an “outperform” rating and a $102.00 price objective on the stock. Mizuho cut their price objective on Crown from $105.00 to $96.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. UBS Group started coverage on shares of Crown in a report on Tuesday, January 16th. They issued a “buy” rating and a $112.00 target price on the stock. Royal Bank of Canada lowered their target price on shares of Crown from $110.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, February 8th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $88.00 target price (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.21.

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.