New York Life Investment Management LLC Makes New Investment in Crown Holdings, Inc. (NYSE:CCK)

New York Life Investment Management 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 disclosure with the Securities & Exchange Commission. The fund purchased 13,764 shares of the industrial products company’s stock, valued at approximately $1,138,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Crown by 10.5% during the fourth quarter. Bank of New York Mellon Corp now owns 2,967,810 shares of the industrial products company’s stock worth $245,408,000 after buying an additional 283,014 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Crown in the 4th quarter valued at approximately $2,382,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Crown by 15.8% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 82,200 shares of the industrial products company’s stock valued at $6,797,000 after purchasing an additional 11,200 shares during the last quarter. Nan Fung Trinity HK Ltd. boosted its position in Crown by 40.8% during the fourth quarter. Nan Fung Trinity HK Ltd. now owns 221,600 shares of the industrial products company’s stock worth $18,324,000 after purchasing an additional 64,200 shares in the last quarter. Finally, Olympiad Research LP purchased a new stake in Crown during the fourth quarter worth $213,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Crown Trading Down 1.6 %

Shares of NYSE CCK opened at $88.21 on Tuesday. The stock’s 50 day moving average price is $85.65 and its two-hundred day moving average price is $89.54. Crown Holdings, Inc. has a 52-week low of $70.84 and a 52-week high of $98.46. The stock has a market capitalization of $10.55 billion, a P/E ratio of 24.78, a PEG ratio of 1.56 and a beta of 0.87. The company has a quick ratio of 0.80, a current ratio of 1.22 and a debt-to-equity ratio of 1.88.

Crown (NYSE:CCK) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.08. Crown had a return on equity of 25.12% and a net margin of 3.59%. On average, analysts anticipate that Crown Holdings, Inc. will post 6.96 earnings per share for the current fiscal year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.18%. This is a boost from Crown’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, March 18th. Crown’s dividend payout ratio is presently 29.21%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CCK shares. Mizuho cut their price target on Crown from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Truist Financial upped their target price on Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Royal Bank of Canada upped their target price on Crown from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Morgan Stanley raised Crown from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $109.00 to $105.00 in a report on Monday, January 13th. Finally, StockNews.com raised Crown from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.00.

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.