Westpac Banking Corp Makes New $406,000 Investment in Crown Holdings, Inc. (NYSE:CCK)

Westpac Banking Corp purchased a new stake in shares of Crown Holdings, Inc. (NYSE:CCK - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,914 shares of the industrial products company's stock, valued at approximately $406,000.

A number of other hedge funds also recently made changes to their positions in CCK. Bryce Point Capital LLC acquired a new stake in Crown during the 4th quarter worth about $493,000. Trexquant Investment LP boosted its position in Crown by 27.9% during the fourth quarter. Trexquant Investment LP now owns 351,364 shares of the industrial products company's stock worth $29,054,000 after purchasing an additional 76,728 shares during the period. Alliancebernstein L.P. raised its holdings in Crown by 2.2% in the 4th quarter. Alliancebernstein L.P. now owns 163,674 shares of the industrial products company's stock worth $13,534,000 after acquiring an additional 3,563 shares during the period. Edmond DE Rothschild Holding S.A. lifted its position in shares of Crown by 13.2% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 16,135 shares of the industrial products company's stock worth $1,334,000 after purchasing an additional 1,883 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Crown by 0.5% in the fourth quarter. Wellington Management Group LLP now owns 720,523 shares of the industrial products company's stock valued at $59,580,000 after acquiring an additional 3,708 shares during the period. Institutional investors own 90.93% of the company's stock.

Analyst Ratings Changes

CCK has been the subject of several research reports. StockNews.com upgraded shares of Crown from a "hold" rating to a "buy" rating in a research note on Friday, February 7th. Citigroup lifted their price objective on Crown from $110.00 to $111.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Morgan Stanley raised Crown from an "equal weight" rating to an "overweight" rating and reduced their target price for the stock from $109.00 to $105.00 in a research report on Monday, January 13th. Wells Fargo & Company boosted their price target on shares of Crown from $86.00 to $90.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Finally, UBS Group reduced their price objective on shares of Crown from $113.00 to $108.00 and set a "buy" rating for the company in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $106.00.

Remove Ads

Crown Trading Down 2.5 %

NYSE:CCK traded down $2.06 on Thursday, hitting $81.33. 321,426 shares of the stock were exchanged, compared to its average volume of 1,195,985. The company's 50-day moving average price is $87.67 and its 200 day moving average price is $88.92. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of 22.80, a P/E/G ratio of 1.56 and a beta of 0.79. Crown Holdings, Inc. has a 52 week low of $70.84 and a 52 week high of $98.46. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.80 and a current ratio of 1.22.

Crown (NYSE:CCK - Get Free Report) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.08. Crown had a net margin of 3.59% and a return on equity of 25.12%. On average, equities research analysts forecast that Crown Holdings, Inc. will post 6.96 earnings per share for the current year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 18th were given a dividend of $0.26 per share. This is a positive change from Crown's previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, March 18th. This represents a $1.04 annualized dividend and a dividend yield of 1.28%. Crown's payout ratio is 29.21%.

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.