Jennison Associates LLC Sells 121,872 Shares of Crown Holdings, Inc. (NYSE:CCK)

Jennison Associates LLC decreased its holdings in shares of Crown Holdings, Inc. (NYSE:CCK) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,230,839 shares of the industrial products company’s stock after selling 121,872 shares during the period. Jennison Associates LLC owned about 1.03% of Crown worth $101,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CCK. GAMMA Investing LLC increased its position in Crown by 110.9% in the third quarter. GAMMA Investing LLC now owns 310 shares of the industrial products company’s stock worth $30,000 after buying an additional 163 shares in the last quarter. Covestor Ltd grew its stake in shares of Crown by 156.5% during the 3rd quarter. Covestor Ltd now owns 454 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 277 shares during the period. Brooklyn Investment Group purchased a new stake in Crown in the 3rd quarter worth approximately $44,000. Catalyst Capital Advisors LLC purchased a new stake in Crown in the 3rd quarter worth approximately $48,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Crown during the 3rd quarter worth approximately $55,000. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. UBS Group reduced their price objective on shares of Crown from $113.00 to $108.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Royal Bank of Canada raised their price target on Crown from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley raised Crown from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $109.00 to $105.00 in a research note on Monday, January 13th. Mizuho decreased their target price on Crown from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Finally, Truist Financial upped their price target on Crown from $103.00 to $104.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.46.

Insiders Place Their Bets

In other news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $96.73, for a total value of $725,475.00. Following the completion of the transaction, the chief executive officer now owns 563,678 shares in the company, valued at approximately $54,524,572.94. The trade was a 1.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Crown Trading Down 0.4 %

Shares of CCK opened at $87.55 on Tuesday. The stock has a market capitalization of $10.47 billion, a PE ratio of 108.09, a P/E/G ratio of 1.70 and a beta of 0.87. The company’s fifty day moving average is $85.96 and its 200 day moving average is $89.20. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.84 and a current ratio of 1.21. Crown Holdings, Inc. has a fifty-two week low of $69.61 and a fifty-two week high of $98.46.

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.