Crown Holdings, Inc. (NYSE:CCK) Stock Position Reduced by Lazard Asset Management LLC
Lazard Asset Management LLC cut its stake in shares of Crown Holdings, Inc. (NYSE:CCK – Get Rating) by 3.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 130,830 shares of the industrial products company’s stock after selling 5,250 shares during the period. Lazard Asset Management LLC owned about 0.11% of Crown worth $10,601,000 at the end of the most recent reporting period.
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A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CCK. Tobam purchased a new position in Crown during the third quarter valued at approximately $31,000. Ronald Blue Trust Inc. bought a new stake in Crown in the second quarter worth approximately $39,000. Wipfli Financial Advisors LLC bought a new stake in Crown in the third quarter worth approximately $48,000. Fairfield Bush & CO. bought a new stake in Crown in the first quarter worth approximately $143,000. Finally, Cullen Frost Bankers Inc. grew its position in Crown by 214.6% in the second quarter. Cullen Frost Bankers Inc. now owns 1,573 shares of the industrial products company’s stock worth $145,000 after acquiring an additional 1,073 shares in the last quarter.
Crown Trading Down 1.3 %
Shares of CCK stock opened at $85.58 on Friday. Crown Holdings, Inc. has a 52-week low of $66.00 and a 52-week high of $130.42. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 2.76 and a beta of 1.08. The company has a debt-to-equity ratio of 3.14, a quick ratio of 0.69 and a current ratio of 1.24. The firm has a fifty day moving average of $85.52 and a 200-day moving average of $85.19.
Crown (NYSE:CCK – Get Rating) last posted its earnings results on Wednesday, February 8th. The industrial products company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.10. Crown had a net margin of 5.62% and a return on equity of 37.36%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm earned $1.66 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts forecast that Crown Holdings, Inc. will post 6.28 earnings per share for the current fiscal year.
Crown Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Thursday, March 9th will be issued a $0.24 dividend. This is a positive change from Crown’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, March 8th. This represents a $0.96 annualized dividend and a dividend yield of 1.12%. Crown’s dividend payout ratio is presently 14.74%.
Wall Street Analysts Forecast Growth
Several analysts have commented on CCK shares. Citigroup boosted their target price on shares of Crown from $97.00 to $104.00 and gave the stock a “buy” rating in a research report on Friday, February 10th. Royal Bank of Canada boosted their price objective on shares of Crown from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Friday, February 10th. Wells Fargo & Company boosted their price objective on shares of Crown from $80.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 9th. Mizuho boosted their price objective on shares of Crown from $100.00 to $103.00 in a research note on Thursday, February 9th. Finally, Robert W. Baird cut shares of Crown from an “outperform” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Wednesday, January 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Crown currently has an average rating of “Moderate Buy” and a consensus price target of $97.73.
Crown Company Profile
Crown Holdings, Inc engages in the design, manufacture, and sale of packaging products and equipment for consumer goods. The firm offers aerosol cans, beverage, promotional, and transit packaging, closures and capping, and food cans. It operates through the following segments: Americas, Europe, Asia Pacific, and Transit Packaging.
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