Nationwide Fund Advisors reduced its position in shares of Crown Holdings Inc. (NYSE:CCK) by 24.3% during the second quarter, Holdings Channel reports. The firm owned 60,499 shares of the company’s stock after selling 19,430 shares during the period. Nationwide Fund Advisors’ holdings in Crown Holdings were worth $3,065,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of CCK. Renaissance Technologies LLC boosted its position in shares of Crown Holdings by 2,239.6% in the first quarter. Renaissance Technologies LLC now owns 779,100 shares of the company’s stock worth $38,636,000 after buying an additional 745,800 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Crown Holdings during the second quarter worth about $20,401,000. Adage Capital Partners GP L.L.C. boosted its position in shares of Crown Holdings by 13.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 3,426,675 shares of the company’s stock worth $169,929,000 after buying an additional 400,000 shares during the period. HBK Investments L P boosted its position in shares of Crown Holdings by 238.1% in the first quarter. HBK Investments L P now owns 323,893 shares of the company’s stock worth $16,062,000 after buying an additional 228,093 shares during the period. Finally, AXA boosted its position in shares of Crown Holdings by 886.1% in the first quarter. AXA now owns 177,500 shares of the company’s stock worth $8,802,000 after buying an additional 159,500 shares during the period. 88.81% of the stock is owned by institutional investors.
Shares of Crown Holdings Inc. (NYSE:CCK) traded down 0.71% during trading on Friday, hitting $55.86. 1,000,116 shares of the stock were exchanged. The stock’s 50 day moving average is $54.82 and its 200-day moving average is $52.86. Crown Holdings Inc. has a 12-month low of $43.30 and a 12-month high of $57.46. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 17.13 and a beta of 1.32.
Crown Holdings (NYSE:CCK) last released its earnings results on Wednesday, July 20th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.08. Crown Holdings had a net margin of 5.34% and a return on equity of 106.65%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the firm earned $1.03 EPS. The business’s revenue for the quarter was down 6.0% on a year-over-year basis. Equities research analysts anticipate that Crown Holdings Inc. will post $3.93 EPS for the current year.
A number of research analysts have recently weighed in on CCK shares. BMO Capital Markets raised shares of Crown Holdings from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $56.00 to $65.00 in a research note on Monday, September 26th. They noted that the move was a valuation call. Credit Suisse Group AG set a $58.00 price objective on shares of Crown Holdings and gave the stock a “hold” rating in a research note on Tuesday, July 19th. Zacks Investment Research cut shares of Crown Holdings from a “buy” rating to a “hold” rating in a research note on Monday, June 27th. Royal Bank Of Canada started coverage on shares of Crown Holdings in a research note on Friday, September 30th. They set an “outperform” rating and a $65.00 price objective for the company. Finally, RBC Capital Markets assumed coverage on shares of Crown Holdings in a research note on Thursday, September 29th. They set an “outperform” rating and a $65.00 price objective for the company. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Crown Holdings currently has an average rating of “Buy” and an average price target of $60.38.
About Crown Holdings
Crown Holdings, Inc is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company’s business is organized within three divisions: Americas, Europe and Asia Pacific. Within each Division, the Company is organized along product lines. The Company’s segments within the Americas Division are Americas Beverage and North America Food.