DNB Asset Management AS Reduces Stock Position in Crown Holdings, Inc. (NYSE:CCK)
DNB Asset Management AS lessened its holdings in Crown Holdings, Inc. (NYSE:CCK) by 2.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,068,223 shares of the industrial products company’s stock after selling 23,201 shares during the period. Crown accounts for approximately 0.8% of DNB Asset Management AS’s portfolio, making the stock its 27th largest holding. DNB Asset Management AS owned approximately 0.79% of Crown worth $65,268,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Crown by 10.1% in the fourth quarter. Bank of New York Mellon Corp now owns 765,584 shares of the industrial products company’s stock worth $31,824,000 after buying an additional 70,020 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Crown by 22.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 6,455 shares of the industrial products company’s stock worth $268,000 after buying an additional 1,169 shares in the last quarter. Manning & Napier Group LLC raised its position in shares of Crown by 50.5% in the first quarter. Manning & Napier Group LLC now owns 360,725 shares of the industrial products company’s stock worth $19,683,000 after buying an additional 121,085 shares in the last quarter. Soapstone Management L.P. purchased a new stake in shares of Crown in the fourth quarter worth $7,794,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Crown by 32.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,293 shares of the industrial products company’s stock worth $343,000 after buying an additional 1,546 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.
In related news, COO Gerard H. Gifford sold 10,000 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $60.79, for a total value of $607,900.00. Following the transaction, the chief operating officer now owns 152,292 shares of the company’s stock, valued at $9,257,830.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Conway sold 129,000 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $58.06, for a total value of $7,489,740.00. Following the completion of the transaction, the director now directly owns 1,156,677 shares in the company, valued at approximately $67,156,666.62. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.
CCK traded up $1.69 during trading on Tuesday, reaching $63.34. The stock had a trading volume of 2,087,900 shares, compared to its average volume of 1,371,928. The stock has a market capitalization of $8.48 billion, a PE ratio of 12.18, a PEG ratio of 1.67 and a beta of 1.59. The company has a current ratio of 1.20, a quick ratio of 0.65 and a debt-to-equity ratio of 5.87. Crown Holdings, Inc. has a one year low of $39.05 and a one year high of $63.55. The firm’s 50-day moving average is $60.13.
Crown (NYSE:CCK) last released its earnings results on Wednesday, July 17th. The industrial products company reported $1.46 EPS for the quarter, missing the Zacks’ consensus estimate of $1.49 by ($0.03). The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. Crown had a net margin of 3.91% and a return on equity of 51.32%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 EPS. On average, analysts forecast that Crown Holdings, Inc. will post 5.09 earnings per share for the current fiscal year.
Crown Company Profile
Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.
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