Beach Investment Counsel Inc. PA Reduces Position in Crown Holdings, Inc. (NYSE:CCK)

Beach Investment Counsel Inc. PA lowered its stake in Crown Holdings, Inc. (NYSE:CCK) by 18.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,495 shares of the industrial products company’s stock after selling 780 shares during the period. Beach Investment Counsel Inc. PA’s holdings in Crown were worth $289,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mackenzie Financial Corp raised its stake in shares of Crown by 19.1% in the second quarter. Mackenzie Financial Corp now owns 4,807 shares of the industrial products company’s stock worth $358,000 after purchasing an additional 770 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Crown by 21.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,273 shares of the industrial products company’s stock valued at $243,000 after acquiring an additional 577 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Crown in the 2nd quarter valued at $457,000. SG Americas Securities LLC acquired a new stake in shares of Crown in the third quarter worth $1,203,000. Finally, Handelsbanken Fonder AB raised its holdings in shares of Crown by 7.4% during the third quarter. Handelsbanken Fonder AB now owns 29,000 shares of the industrial products company’s stock worth $2,781,000 after purchasing an additional 2,000 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Crown Price Performance

Shares of Crown stock opened at $86.30 on Tuesday. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.21 and a quick ratio of 0.84. The business has a 50 day simple moving average of $85.96 and a two-hundred day simple moving average of $89.20. The stock has a market capitalization of $10.32 billion, a P/E ratio of 106.40, a PEG ratio of 1.70 and a beta of 0.87. Crown Holdings, Inc. has a 12 month low of $69.61 and a 12 month high of $98.46.

Wall Street Analysts Forecast Growth

CCK has been the topic of several analyst reports. Truist Financial increased their price target 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 lifted their price target on Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup upped their price objective on Crown from $110.00 to $111.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Barclays boosted their target price on shares of Crown from $100.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Mizuho cut their price objective on shares of Crown from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.46.

Insider Activity at Crown

In related news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $96.73, for a total transaction of $725,475.00. Following the completion of the sale, the chief executive officer now owns 563,678 shares of the company’s stock, valued at approximately $54,524,572.94. This represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is owned by corporate insiders.

Crown 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.