Jennison Associates LLC Raises Holdings in Crown Holdings, Inc. $CCK

Jennison Associates LLC boosted its position in shares of Crown Holdings, Inc. (NYSE:CCK) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,439,118 shares of the industrial products company’s stock after buying an additional 73,544 shares during the period. Jennison Associates LLC owned approximately 1.24% of Crown worth $139,004,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Crown in the second quarter valued at $184,046,000. Invesco Ltd. lifted its position in Crown by 58.6% during the second quarter. Invesco Ltd. now owns 2,727,276 shares of the industrial products company’s stock valued at $280,855,000 after purchasing an additional 1,007,980 shares during the last quarter. Swedbank AB grew its stake in shares of Crown by 60.8% in the 3rd quarter. Swedbank AB now owns 2,493,570 shares of the industrial products company’s stock worth $240,854,000 after buying an additional 943,045 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Crown by 43.3% in the 2nd quarter. AQR Capital Management LLC now owns 2,533,612 shares of the industrial products company’s stock worth $260,835,000 after buying an additional 765,136 shares during the last quarter. Finally, Albar Capital Partners LLP purchased a new stake in shares of Crown during the 2nd quarter valued at about $54,736,000. Institutional investors own 90.93% of the company’s stock.

Crown Stock Performance

Shares of Crown stock opened at $104.17 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.76 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average price is $100.65 and its 200-day moving average price is $99.25. The firm has a market cap of $12.02 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.18 and a beta of 0.75. Crown Holdings, Inc. has a 12 month low of $75.98 and a 12 month high of $109.48.

Insider Activity at Crown

In other news, CEO Timothy J. Donahue sold 29,024 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $105.00, for a total transaction of $3,047,520.00. Following the transaction, the chief executive officer directly owned 411,556 shares in the company, valued at approximately $43,213,380. This trade represents a 6.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Djalma Novaes, Jr. sold 19,754 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $101.02, for a total value of $1,995,549.08. Following the sale, the chief operating officer directly owned 96,841 shares in the company, valued at $9,782,877.82. This trade represents a 16.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 57,254 shares of company stock valued at $5,933,134 in the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CCK shares. Royal Bank Of Canada lifted their price target on Crown from $116.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Wells Fargo & Company increased their price target on Crown from $99.00 to $106.00 and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Crown in a research note on Monday, December 29th. Citigroup cut their price objective on shares of Crown from $135.00 to $124.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. Finally, Raymond James Financial restated an “outperform” rating and issued a $115.00 target price (up previously from $110.00) on shares of Crown in a report on Wednesday, October 22nd. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Crown presently has a consensus rating of “Moderate Buy” and an average price target of $119.62.

Crown Company Profile

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.