First Trust Advisors LP Decreases Holdings in Crown Holdings, Inc. (NYSE:CCK)
First Trust Advisors LP trimmed its stake in shares of Crown Holdings, Inc. (NYSE:CCK) by 28.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,651 shares of the industrial products company’s stock after selling 47,784 shares during the period. First Trust Advisors LP’s holdings in Crown were worth $7,003,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. FUKOKU MUTUAL LIFE INSURANCE Co purchased a new position in Crown during the fourth quarter valued at $29,000. Verus Capital Partners LLC purchased a new position in Crown during the fourth quarter valued at $29,000. Bessemer Group Inc. purchased a new position in Crown during the first quarter valued at $26,000. Sunbelt Securities Inc. purchased a new position in Crown during the fourth quarter valued at $8,251,000. Finally, Synovus Financial Corp lifted its holdings in Crown by 125.7% during the first quarter. Synovus Financial Corp now owns 456 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 254 shares in the last quarter. 88.05% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on CCK. ValuEngine downgraded shares of Crown from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Citigroup reduced their target price on shares of Crown from $93.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Goldman Sachs Group upgraded shares of Crown from a “neutral” rating to a “buy” rating and reduced their target price for the company from $78.00 to $61.00 in a research report on Monday, March 23rd. Robert W. Baird increased their target price on shares of Crown from $75.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. They noted that the move was a valuation call. Finally, Barclays increased their target price on shares of Crown from $88.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $78.82.
Crown (NYSE:CCK) last released its quarterly earnings data on Monday, April 20th. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.21. Crown had a net margin of 4.24% and a return on equity of 35.65%. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.73 billion. During the same period last year, the business earned $1.05 earnings per share. Crown’s revenue was up .1% compared to the same quarter last year. As a group, analysts forecast that Crown Holdings, Inc. will post 5.01 EPS for the current year.
Crown announced that its board has initiated a stock buyback program on Tuesday, March 10th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.
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