Adage Capital Partners GP L.L.C. Acquires 299,990 Shares of Crown Holdings, Inc. (NYSE:CCK)

Adage Capital Partners GP L.L.C. grew its holdings in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 488.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 361,411 shares of the industrial products company's stock after purchasing an additional 299,990 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.30% of Crown worth $29,885,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CCK. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Crown by 20.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 702 shares of the industrial products company's stock valued at $57,000 after purchasing an additional 117 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Crown by 4.6% during the 4th quarter. TD Private Client Wealth LLC now owns 2,864 shares of the industrial products company's stock worth $237,000 after acquiring an additional 125 shares during the last quarter. Spire Wealth Management lifted its stake in shares of Crown by 16.2% during the 4th quarter. Spire Wealth Management now owns 992 shares of the industrial products company's stock worth $82,000 after buying an additional 138 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Crown by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 34,061 shares of the industrial products company's stock worth $2,816,000 after purchasing an additional 138 shares during the period. Finally, Marshall & Sullivan Inc. WA grew its stake in shares of Crown by 0.3% in the fourth quarter. Marshall & Sullivan Inc. WA now owns 57,268 shares of the industrial products company's stock valued at $4,735,000 after acquiring an additional 155 shares in the last quarter. 90.93% of the stock is owned by institutional investors.

Crown Price Performance

Shares of NYSE CCK traded up $6.95 during trading hours on Tuesday, reaching $96.73. 3,684,664 shares of the stock traded hands, compared to its average volume of 1,204,867. The company has a market capitalization of $11.31 billion, a P/E ratio of 27.17, a price-to-earnings-growth ratio of 1.56 and a beta of 0.79. The company's 50-day simple moving average is $87.39 and its two-hundred day simple moving average is $88.23. The company has a quick ratio of 0.80, a current ratio of 1.22 and a debt-to-equity ratio of 1.88. Crown Holdings, Inc. has a 52-week low of $70.84 and a 52-week high of $98.46.

Crown (NYSE:CCK - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The industrial products company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.45. The firm had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.82 billion. Crown had a return on equity of 25.12% and a net margin of 3.59%. The business's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Equities research analysts forecast that Crown Holdings, Inc. will post 6.96 EPS for the current year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $1.04 annualized dividend and a dividend yield of 1.08%. This is an increase from Crown's previous quarterly dividend of $0.25. Crown's dividend payout ratio is presently 29.21%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CCK shares. Royal Bank of Canada raised their price target on Crown from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. UBS Group raised their price objective on Crown from $109.00 to $114.00 and gave the stock a "buy" rating in a research report on Tuesday. Morgan Stanley upgraded Crown from an "equal weight" rating to an "overweight" rating and decreased their price target for the stock from $109.00 to $105.00 in a report on Monday, January 13th. Wells Fargo & Company increased their target price on shares of Crown from $86.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Finally, Truist Financial reduced their price objective on shares of Crown from $107.00 to $97.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Crown presently has a consensus rating of "Moderate Buy" and a consensus target price of $106.75.

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.