Investors Purchase Large Volume of Put Options on Crown (CCK)
Crown Holdings, Inc. (NYSE:CCK) saw some unusual options trading on Tuesday. Traders bought 1,557 put options on the company. This represents an increase of approximately 2,452% compared to the typical volume of 61 put options.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its stake in shares of Crown by 6,932.0% in the second quarter. Janus Henderson Group PLC now owns 6,536,851 shares of the industrial products company’s stock worth $389,988,000 after acquiring an additional 6,443,892 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Crown by 8.7% in the second quarter. Lazard Asset Management LLC now owns 10,225,857 shares of the industrial products company’s stock worth $610,074,000 after acquiring an additional 819,689 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Crown by 283.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 726,995 shares of the industrial products company’s stock worth $43,416,000 after acquiring an additional 537,416 shares during the period. Quantitative Investment Management LLC bought a new position in shares of Crown in the second quarter worth about $24,544,000. Finally, Renaissance Group LLC bought a new position in shares of Crown in the second quarter worth about $23,727,000. Institutional investors and hedge funds own 89.97% of the company’s stock.
Shares of Crown (NYSE:CCK) opened at $56.27 on Friday. The company has a debt-to-equity ratio of 4.60, a current ratio of 1.04 and a quick ratio of 0.57. The company has a market capitalization of $7,530.00, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.99 and a beta of 1.42. Crown has a 1 year low of $51.76 and a 1 year high of $62.27.
A number of analysts recently commented on CCK shares. BMO Capital Markets reiterated a “buy” rating and set a $65.00 price objective on shares of Crown in a research report on Monday, September 4th. Barclays upped their price objective on Crown from $69.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, October 20th. Wells Fargo & Co upped their price objective on Crown from $57.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, October 20th. UBS Group started coverage on Crown in a research report on Wednesday, November 29th. They set a “neutral” rating and a $65.00 price objective for the company. Finally, Zacks Investment Research upgraded Crown from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $64.27.
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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.
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