Jennison Associates LLC Invests $29.75 Million in Crown Holdings, Inc. (NYSE:CCK)

Jennison Associates LLC purchased a new position in shares of Crown Holdings, Inc. (NYSE:CCK) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 323,030 shares of the industrial products company’s stock, valued at approximately $29,748,000.

Other large investors have also modified their holdings of the company. BluePath Capital Management LLC bought a new stake in shares of Crown during the 3rd quarter worth $25,000. Sound Income Strategies LLC bought a new stake in shares of Crown during the 4th quarter worth $26,000. TFC Financial Management Inc. boosted its holdings in shares of Crown by 23,000.0% during the 3rd quarter. TFC Financial Management Inc. now owns 924 shares of the industrial products company’s stock worth $82,000 after buying an additional 920 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Crown by 46.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,009 shares of the industrial products company’s stock worth $89,000 after buying an additional 318 shares during the period. Finally, Picton Mahoney Asset Management boosted its holdings in shares of Crown by 53.9% during the 3rd quarter. Picton Mahoney Asset Management now owns 1,036 shares of the industrial products company’s stock worth $92,000 after buying an additional 363 shares during the period. 90.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on CCK shares. Morgan Stanley assumed coverage on shares of Crown in a report on Monday, March 18th. They set an “equal weight” rating and a $87.00 price objective for the company. Robert W. Baird raised shares of Crown from a “neutral” rating to an “outperform” rating and increased their price target for the company from $85.00 to $90.00 in a report on Tuesday, April 16th. JPMorgan Chase & Co. raised shares of Crown from a “neutral” rating to an “overweight” rating and set a $85.00 price target for the company in a report on Wednesday, February 7th. UBS Group began coverage on shares of Crown in a report on Tuesday, January 16th. They issued a “buy” rating and a $112.00 price target for the company. Finally, Wolfe Research began coverage on shares of Crown in a research note on Friday, March 1st. They issued an “outperform” rating and a $102.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Crown currently has an average rating of “Moderate Buy” and a consensus target price of $99.21.

Crown Trading Up 0.3 %

Shares of Crown stock opened at $78.83 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The stock has a market capitalization of $9.52 billion, a P/E ratio of 20.97, a price-to-earnings-growth ratio of 2.67 and a beta of 0.91. Crown Holdings, Inc. has a 12-month low of $69.61 and a 12-month high of $96.35. The company has a 50-day simple moving average of $77.00 and a 200 day simple moving average of $82.68.

Crown (NYSE:CCK) last posted its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.19). The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.96 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The company’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.17 EPS. Research analysts expect that Crown Holdings, Inc. will post 5.9 earnings per share for the current fiscal year.

Crown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.27%. The ex-dividend date was Wednesday, March 13th. This is a boost from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio (DPR) is presently 26.60%.

Crown Company Profile

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.