Carmel Capital Partners LLC Sells 8,721 Shares of Crown Holdings, Inc. $CCK

Carmel Capital Partners LLC cut its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 40.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,599 shares of the industrial products company’s stock after selling 8,721 shares during the period. Carmel Capital Partners LLC’s holdings in Crown were worth $1,217,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in CCK. Norges Bank acquired a new stake in shares of Crown in the 2nd quarter valued at approximately $184,046,000. Invesco Ltd. raised its position in Crown by 58.6% during the second quarter. Invesco Ltd. now owns 2,727,276 shares of the industrial products company’s stock worth $280,855,000 after acquiring an additional 1,007,980 shares in the last quarter. Swedbank AB lifted its stake in Crown by 60.8% in the third quarter. Swedbank AB now owns 2,493,570 shares of the industrial products company’s stock valued at $240,854,000 after acquiring an additional 943,045 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Crown by 43.3% in the 2nd quarter. AQR Capital Management LLC now owns 2,533,612 shares of the industrial products company’s stock valued at $260,835,000 after acquiring an additional 765,136 shares during the period. Finally, Albar Capital Partners LLP acquired a new position in shares of Crown during the 2nd quarter worth about $54,736,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Insider Activity at Crown

In other Crown news, COO Djalma Novaes, Jr. sold 19,754 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $101.02, for a total transaction of $1,995,549.08. Following the transaction, the chief operating officer owned 96,841 shares in the company, valued at $9,782,877.82. This trade represents a 16.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Donahue sold 29,024 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $105.00, for a total value of $3,047,520.00. Following the sale, the chief executive officer owned 411,556 shares of the company’s stock, valued at approximately $43,213,380. The trade was a 6.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 57,254 shares of company stock worth $5,933,134 over the last ninety days. Insiders own 0.90% of the company’s stock.

Crown Stock Down 0.4%

CCK opened at $102.43 on Friday. The stock has a fifty day moving average of $100.50 and a 200-day moving average of $99.27. The company has a market capitalization of $11.82 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.19 and a beta of 0.75. Crown Holdings, Inc. has a fifty-two week low of $75.98 and a fifty-two week high of $109.48. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.76 and a current ratio of 1.16.

Crown (NYSE:CCK) last released its quarterly earnings results on Monday, October 20th. The industrial products company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.26. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.13 billion. Crown had a net margin of 7.79% and a return on equity of 26.86%. Crown’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the firm earned $1.99 earnings per share. On average, equities analysts expect that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CCK. Truist Financial raised their target price on shares of Crown from $126.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. Royal Bank Of Canada raised their price objective on Crown from $116.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. UBS Group boosted their target price on Crown from $125.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Crown in a report on Monday, December 29th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $115.00 price objective (up from $110.00) on shares of Crown in a report on Wednesday, October 22nd. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Crown has a consensus rating of “Moderate Buy” and an average price target of $119.62.

Crown Company Profile

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.