CIBC Asset Management Inc Boosts Stake in Crown Holdings, Inc. (NYSE:CCK)

CIBC Asset Management Inc lifted its holdings in Crown Holdings, Inc. (NYSE:CCK) by 5.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,304 shares of the industrial products company’s stock after purchasing an additional 225 shares during the period. CIBC Asset Management Inc’s holdings in Crown were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its stake in shares of Crown by 6.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,753 shares of the industrial products company’s stock worth $205,000 after buying 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 worth $30,000 after acquiring an additional 163 shares in the last quarter. Fifth Third Bancorp raised its position 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 acquiring an additional 176 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Crown by 2.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 9,477 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 183 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in shares of Crown by 6.7% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,539 shares of the industrial products company’s stock valued at $339,000 after purchasing an additional 223 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

Wall Street Analysts Forecast Growth

CCK has been the topic of a number of research reports. Royal Bank of Canada raised their price target on shares of Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on Crown from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research note on Saturday, October 26th. Morgan Stanley lifted their target price on shares of Crown from $105.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Robert W. Baird increased their target price on shares of Crown from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Three 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, Crown has a consensus rating of “Moderate Buy” and an average price target of $106.62.

Crown Stock Performance

NYSE:CCK opened at $90.96 on Friday. Crown Holdings, Inc. has a 1-year low of $69.61 and a 1-year high of $98.46. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.21 and a quick ratio of 0.84. The company’s 50-day moving average is $93.55 and its two-hundred day moving average is $86.70. The firm has a market capitalization of $10.88 billion, a price-to-earnings ratio of 112.11, a PEG ratio of 1.99 and a beta of 0.85.

Crown (NYSE:CCK) last issued its quarterly earnings data on Thursday, October 17th. The industrial products company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.18. The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Crown had a return on equity of 24.57% and a net margin of 0.83%. Analysts forecast that Crown Holdings, Inc. will post 6.34 EPS for the current year.

Crown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Thursday, November 14th. Crown’s dividend payout ratio is presently 123.46%.

Insider Activity

In other Crown news, COO Gerard H. Gifford sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $95.89, for a total value of $958,900.00. Following the completion of the sale, the chief operating officer now owns 114,402 shares in the company, valued at approximately $10,970,007.78. The trade was a 8.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James H. Miller sold 1,006 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total transaction of $96,173.60. Following the transaction, the director now owns 12,424 shares in the company, valued at approximately $1,187,734.40. This trade represents a 7.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,506 shares of company stock worth $3,157,399. 0.90% of the stock is currently owned by corporate 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.