Stock Traders Buy Large Volume of Crown Put Options (NYSE:CCK)

Crown Holdings, Inc. (NYSE:CCK) saw unusually large options trading on Tuesday. Investors acquired 4,876 put options on the stock. This is an increase of 164% compared to the typical daily volume of 1,848 put options.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CCK. Truist Financial reissued a “hold” rating and set a $88.00 target price (down from $100.00) on shares of Crown in a research note on Wednesday, March 27th. JPMorgan Chase & Co. raised their price objective on Crown from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group began coverage on Crown in a research note on Tuesday, January 16th. They set a “buy” rating and a $112.00 target price for the company. Robert W. Baird lifted their price target on shares of Crown from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price target on shares of Crown from $76.00 to $84.00 and gave the stock an “equal weight” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.29.

Insiders Place Their Bets

In related news, CEO Timothy J. Donahue sold 22,500 shares of Crown stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the completion of the transaction, the chief executive officer now directly owns 616,178 shares in the company, valued at $52,486,042.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Crown

Several hedge funds and other institutional investors have recently made changes to their positions in CCK. DB Fitzpatrick & Co Inc raised its holdings in Crown by 0.9% in the third quarter. DB Fitzpatrick & Co Inc now owns 16,258 shares of the industrial products company’s stock valued at $1,439,000 after acquiring an additional 142 shares in the last quarter. Picton Mahoney Asset Management lifted its position in shares of Crown by 14.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,181 shares of the industrial products company’s stock worth $109,000 after purchasing an additional 145 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Crown by 5.3% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,057 shares of the industrial products company’s stock valued at $282,000 after buying an additional 154 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Crown by 6.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,464 shares of the industrial products company’s stock worth $227,000 after buying an additional 160 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Crown by 1.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 13,715 shares of the industrial products company’s stock worth $1,205,000 after acquiring an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 90.93% of the company’s stock.

Crown Stock Up 1.1 %

Shares of NYSE CCK opened at $83.00 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 business’s 50 day moving average is $77.94 and its two-hundred day moving average is $82.62. Crown has a 52-week low of $69.61 and a 52-week high of $96.35. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 2.75 and a beta of 0.91.

Crown (NYSE:CCK) last issued its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. Crown had a return on equity of 24.23% and a net margin of 3.51%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The company’s revenue was down 6.4% on a year-over-year basis. Research analysts predict that Crown will post 5.9 EPS for the current year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.25 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. This is a positive change from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio (DPR) is currently 28.82%.

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.