Jennison Associates LLC Boosts Stock Position in Crown Holdings, Inc. (NYSE:CCK)

Jennison Associates LLC lifted its stake in Crown Holdings, Inc. (NYSE:CCK - Free Report) by 125.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,352,711 shares of the industrial products company's stock after buying an additional 751,530 shares during the period. Jennison Associates LLC owned approximately 1.13% of Crown worth $129,698,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CCK. Nisa Investment Advisors LLC increased its position in shares of Crown by 6.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,753 shares of the industrial products company's stock worth $205,000 after purchasing an additional 158 shares during the period. GAMMA Investing LLC increased its holdings in Crown by 110.9% in the 3rd quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company's stock valued at $30,000 after buying an additional 163 shares during the period. Fifth Third Bancorp lifted its stake in Crown by 36.1% during the second quarter. Fifth Third Bancorp now owns 664 shares of the industrial products company's stock worth $49,000 after purchasing an additional 176 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Crown by 2.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 9,477 shares of the industrial products company's stock valued at $894,000 after buying an additional 183 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Crown by 5.4% in the second quarter. CIBC Asset Management Inc now owns 4,079 shares of the industrial products company's stock worth $303,000 after acquiring an additional 209 shares during the last quarter. Institutional investors and hedge funds own 90.93% of the company's stock.

Crown Stock Performance

NYSE CCK traded up $0.44 on Wednesday, hitting $89.98. 510,071 shares of the stock traded hands, compared to its average volume of 1,123,053. The business's fifty day moving average is $93.54 and its two-hundred day moving average is $86.68. Crown Holdings, Inc. has a 12 month low of $69.61 and a 12 month high of $98.46. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of 110.53, a PEG ratio of 1.99 and a beta of 0.85. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21.

Crown (NYSE:CCK - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.81 by $0.18. Crown had a net margin of 0.83% and a return on equity of 24.57%. The company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $3.07 billion. As a group, equities analysts anticipate that Crown Holdings, Inc. will post 6.34 EPS for the current fiscal year.

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 14th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.11%. Crown's dividend payout ratio (DPR) is 123.46%.

Wall Street Analyst Weigh In

CCK has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price objective on shares of Crown from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. StockNews.com upgraded shares of Crown from a "hold" rating to a "buy" rating in a research report on Saturday, October 26th. Loop Capital boosted their price objective on shares of Crown from $120.00 to $129.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Truist Financial upped their price target on Crown from $95.00 to $103.00 and gave the company a "hold" rating in a research report on Tuesday, October 15th. Finally, Bank of America lifted their price objective on Crown from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Crown has a consensus rating of "Moderate Buy" and a consensus target price of $106.62.

Insiders Place Their Bets

In other Crown news, Director James H. Miller sold 1,006 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the sale, the director now owns 12,424 shares of the company's stock, valued at $1,187,734.40. This trade represents a 7.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the company's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $90.58, for a total transaction of $679,350.00. Following the completion of the transaction, the chief executive officer now owns 578,678 shares in the company, valued at approximately $52,416,653.24. This trade represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,506 shares of company stock worth $3,157,399 in the last quarter. 0.90% of the stock is owned by company insiders.

About Crown

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.