Icahn Takes 8.5% Crown Holdings Stake and Wants Changes At the Company

Investing

Published: November 4, 2022 8:01 pm

Icahn Carl C has filed a 13D form with the SEC disclosing ownership of 10,201,273 shares of Crown Holdings, Inc. (CCK). This represents 8.5% of the company.

“Icahn said that, among other things, he intends to have discussions with Crown representatives on a variety of ideas to increase shareholder value. He said those include operational, financial, corporate governance, management, capitalization, accounting, strategic direction, and share performance matters.

What are other large shareholders doing?

Vanguard Group Inc holds 11,581,703 shares representing 9.76% ownership of the company. In its prior filing, the firm reported owning 11,764,656 shares, representing a decrease of 1.58%. The firm decreased its portfolio allocation in CCK by 13.80% over the last quarter.

BlackRock Inc. holds 6,396,766 shares representing 5.39% ownership of the company. The firm reported owning 6,247,257 shares in its prior filing, representing an increase of 2.34%. The firm decreased its portfolio allocation in CCK by 92.80% over the last quarter.

Fmr LLC holds 6,232,142 shares representing 5.25% ownership of the company. In its prior filing, the firm reported owning 5,225,618 shares, representing an increase of 16.15%. The firm increased its portfolio allocation in CCK by 9.60% over the last quarter.

Janus Henderson Group Plc holds 6,076,625 shares representing 5.12% ownership of the company. In its prior filing, the firm reported owning 6,372,507 shares, representing a decrease of 4.87%. The firm increased its portfolio allocation in CCK by 0.34% over the last quarter.

Nuveen Asset Management, LLC holds 5,195,674 shares representing 4.38% ownership of the company. The firm reported owning 5,371,011 shares in its prior filing, representing a decrease of 3.37%. The firm decreased its portfolio allocation in CCK by 17.68% over the last quarter.

What is the overall institutional sentiment?

There are 984 funds or institutions reporting positions in Crown Holdings, Inc. This is a decrease of 20 owner(s) or 1.99%.

Average portfolio weight of all funds dedicated to Crown Holdings, Inc. is 0.4629%, a decrease of 1.5876%. Total shares owned by institutions increased in the last three months by 0.27% to 140,618,624 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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