Sumitomo Life Insurance Co. Sells 4,513 Shares of Crown Holdings, Inc. (NYSE:CCK)

Sumitomo Life Insurance Co. trimmed its holdings in Crown Holdings, Inc. (NYSE:CCK) by 25.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,385 shares of the industrial products company’s stock after selling 4,513 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Crown were worth $1,233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CCK. Nomura Holdings Inc. boosted its position in shares of Crown by 202.1% in the first quarter. Nomura Holdings Inc. now owns 3,019,873 shares of the industrial products company’s stock valued at $249,774,000 after acquiring an additional 2,020,200 shares during the period. Norges Bank bought a new stake in shares of Crown in the fourth quarter valued at approximately $123,506,000. State Street Corp boosted its position in shares of Crown by 55.5% in the second quarter. State Street Corp now owns 3,709,202 shares of the industrial products company’s stock valued at $322,218,000 after acquiring an additional 1,323,107 shares during the period. Toronto Dominion Bank raised its stake in shares of Crown by 41.9% in the third quarter. Toronto Dominion Bank now owns 2,213,904 shares of the industrial products company’s stock valued at $195,886,000 after purchasing an additional 654,082 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Crown by 78.7% in the second quarter. Goldman Sachs Group Inc. now owns 1,429,818 shares of the industrial products company’s stock valued at $131,787,000 after purchasing an additional 629,607 shares in the last quarter. 90.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Robert W. Baird restated a “neutral” rating and issued a $90.00 target price on shares of Crown in a research note on Tuesday, February 6th. Mizuho cut their target price on Crown from $105.00 to $96.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Royal Bank of Canada cut their target price on Crown from $110.00 to $97.00 and set an “outperform” rating for the company in a research note on Thursday, February 8th. Wells Fargo & Company cut their target price on Crown from $78.00 to $76.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Wolfe Research assumed coverage on Crown in a research note on Friday, March 1st. They set an “outperform” rating and a $102.00 price objective for the company. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $99.21.

Crown Price Performance

Shares of CCK stock opened at $77.31 on Monday. The stock’s fifty day moving average is $76.92 and its 200-day moving average is $83.14. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The stock has a market capitalization of $9.34 billion, a PE ratio of 20.56, a PEG ratio of 2.61 and a beta of 0.91. Crown Holdings, Inc. has a 52 week low of $69.61 and a 52 week high of $96.35.

Crown (NYSE:CCK) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.19). The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.96 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. Crown’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 EPS. Equities research analysts expect that Crown Holdings, Inc. will post 5.91 EPS for the current fiscal year.

Crown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.25 dividend. This is a boost from Crown’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 13th. This represents a $1.00 annualized dividend and a yield of 1.29%. Crown’s dividend payout ratio (DPR) is currently 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.