Mirae Asset Global Investments Co. Ltd. Purchases New Stake in Crown Holdings, Inc. $CCK

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Crown Holdings, Inc. (NYSE:CCK) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 40,191 shares of the industrial products company’s stock, valued at approximately $4,237,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vise Technologies Inc. raised its position in Crown by 8.1% during the 3rd quarter. Vise Technologies Inc. now owns 4,902 shares of the industrial products company’s stock valued at $517,000 after purchasing an additional 369 shares in the last quarter. State of Wyoming lifted its holdings in shares of Crown by 163.0% in the 3rd quarter. State of Wyoming now owns 5,302 shares of the industrial products company’s stock worth $559,000 after buying an additional 3,286 shares during the period. Parcion Private Wealth LLC bought a new position in shares of Crown during the 3rd quarter worth $278,000. Choreo LLC grew its position in shares of Crown by 12.0% during the 3rd quarter. Choreo LLC now owns 6,103 shares of the industrial products company’s stock worth $643,000 after buying an additional 654 shares in the last quarter. Finally, Interchange Capital Partners LLC increased its stake in shares of Crown by 17.5% during the third quarter. Interchange Capital Partners LLC now owns 2,816 shares of the industrial products company’s stock valued at $297,000 after buying an additional 420 shares during the period. Institutional investors own 90.93% of the company’s stock.

Wall Street Analysts Forecast Growth

CCK has been the subject of several recent research reports. Wells Fargo & Company restated a “cautious” rating on shares of Crown in a report on Monday, October 19th. Truist Financial reiterated a “buy” rating and set a $141.00 target price (up from $129.00) on shares of Crown in a report on Wednesday, July 22nd. Robert W. Baird raised their target price on shares of Crown from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Mizuho boosted their price target on shares of Crown from $130.00 to $135.00 and gave the company an “outperform” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group set a $121.00 price target on shares of Crown in a research report on Wednesday, July 22nd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.47.

Crown Stock Down 0.5%

NYSE CCK traded down $0.55 during midday trading on Friday, hitting $121.31. 874,384 shares of the company traded hands, compared to its average volume of 846,848. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.14 and a quick ratio of 0.71. The company has a market cap of $13.11 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.54 and a beta of 0.54. The company’s 50-day simple moving average is $113.11 and its 200-day simple moving average is $108.92. Crown Holdings, Inc. has a 52 week low of $91.31 and a 52 week high of $126.36.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, October 19th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.13. The business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.45 billion. Crown had a return on equity of 27.41% and a net margin of 5.78%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $2.24 EPS. As a group, equities research analysts forecast that Crown Holdings, Inc. will post 8.41 earnings per share for the current year.

Crown Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 5th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. Crown’s dividend payout ratio (DPR) is presently 19.50%.

Crown Company Profile

Crown Holdings, Inc (NYSE: CCK) is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown’s products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.