Artemis Investment Management LLP cut its stake in Crown Holdings Inc. (NYSE:CCK) by 85.0% during the second quarter, Holdings Channel reports. The fund owned 61,214 shares of the company’s stock after selling 347,450 shares during the period. Artemis Investment Management LLP’s holdings in Crown Holdings were worth $3,102,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Crown Holdings by 5.4% in the first quarter. JPMorgan Chase & Co. now owns 10,127,174 shares of the company’s stock valued at $502,206,000 after buying an additional 517,868 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Crown Holdings by 2.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,666,751 shares of the company’s stock valued at $181,834,000 after buying an additional 95,799 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Crown Holdings by 13.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 3,426,675 shares of the company’s stock valued at $169,929,000 after buying an additional 400,000 shares during the last quarter. State Street Corp boosted its position in shares of Crown Holdings by 3.6% in the first quarter. State Street Corp now owns 2,475,975 shares of the company’s stock valued at $122,800,000 after buying an additional 85,999 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Crown Holdings during the fourth quarter valued at approximately $52,762,000. Institutional investors own 88.81% of the company’s stock.
Crown Holdings Inc. (NYSE:CCK) traded down 0.04% during trading on Thursday, hitting $56.68. 1,127,627 shares of the stock were exchanged. The firm’s 50 day moving average price is $54.43 and its 200-day moving average price is $52.54. Crown Holdings Inc. has a 1-year low of $43.30 and a 1-year high of $57.06. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 17.39 and a beta of 1.38.
Crown Holdings (NYSE:CCK) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.08. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.24 billion. Crown Holdings had a return on equity of 106.65% and a net margin of 5.34%. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period last year, the business posted $1.03 EPS. On average, analysts anticipate that Crown Holdings Inc. will post $3.93 EPS for the current year.
Several research analysts have commented on CCK shares. Deutsche Bank AG set a $55.00 target price on shares of Crown Holdings and gave the stock a “hold” rating in a report on Sunday, July 24th. Zacks Investment Research cut shares of Crown Holdings from a “buy” rating to a “hold” rating in a report on Monday, June 27th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $60.00 target price on shares of Crown Holdings in a report on Wednesday, June 1st. BMO Capital Markets upgraded shares of Crown Holdings from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $56.00 to $65.00 in a report on Monday. They noted that the move was a valuation call. Finally, Credit Suisse Group AG set a $58.00 price target on shares of Crown Holdings and gave the stock a “hold” rating in a report on Tuesday, July 19th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $59.55.
Crown Holdings Company Profile
Crown Holdings, Inc is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company’s business is organized within three divisions: Americas, Europe and Asia Pacific. Within each Division, the Company is organized along product lines. The Company’s segments within the Americas Division are Americas Beverage and North America Food.
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