Jennison Associates LLC Makes New $29.75 Million Investment in Crown Holdings, Inc. (NYSE:CCK)

Jennison Associates LLC purchased a new position in Crown Holdings, Inc. (NYSE:CCK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 323,030 shares of the industrial products company’s stock, valued at approximately $29,748,000. Jennison Associates LLC owned approximately 0.27% of Crown as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CCK. BluePath Capital Management LLC acquired a new position in shares of Crown during the third quarter worth $25,000. Sound Income Strategies LLC acquired a new position in shares of Crown during the fourth quarter worth $26,000. TFC Financial Management Inc. grew its stake in shares of Crown by 23,000.0% during the third quarter. TFC Financial Management Inc. now owns 924 shares of the industrial products company’s stock worth $82,000 after purchasing an additional 920 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Crown by 46.0% during the third quarter. Fifth Third Bancorp now owns 1,009 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 318 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its stake in shares of Crown by 53.9% during the third quarter. Picton Mahoney Asset Management now owns 1,036 shares of the industrial products company’s stock worth $92,000 after purchasing an additional 363 shares in the last quarter. Institutional investors and hedge funds own 90.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CCK shares. Wolfe Research initiated coverage on shares of Crown in a research note on Friday, March 1st. They set an “outperform” rating and a $102.00 target price for the company. Morgan Stanley initiated coverage on shares of Crown in a research report on Monday, March 18th. They issued an “equal weight” rating and a $87.00 price target for the company. Royal Bank of Canada reduced their target price on shares of Crown from $110.00 to $97.00 and set an “outperform” rating for the company in a report on Thursday, February 8th. Truist Financial reaffirmed a “hold” rating and issued a $88.00 target price (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. Finally, Mizuho reduced their target price on shares of Crown from $105.00 to $96.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.21.

Crown Trading Up 0.3 %

NYSE CCK opened at $78.83 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The firm has a 50-day moving average price of $77.00 and a 200 day moving average price of $82.68. Crown Holdings, Inc. has a 52-week low of $69.61 and a 52-week high of $96.35. The stock has a market capitalization of $9.52 billion, a P/E ratio of 20.97, a P/E/G ratio of 2.67 and a beta of 0.91.

Crown (NYSE:CCK) last issued its earnings results 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 return on equity of 25.75% and a net margin of 3.75%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. Equities research analysts expect that Crown Holdings, Inc. will post 5.9 EPS for the current year.

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.25 per share. This is a positive change from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Wednesday, March 13th. Crown’s dividend payout ratio is presently 26.60%.

Crown 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.