Wall Street brokerages expect Crown Holdings, Inc. (NYSE:CCK) to post $3.01 billion in sales for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Crown’s earnings, with the highest sales estimate coming in at $3.21 billion and the lowest estimate coming in at $2.47 billion. Crown reported sales of $2.69 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 11.9%. The business is expected to report its next quarterly earnings report on Monday, July 19th.
According to Zacks, analysts expect that Crown will report full-year sales of $11.95 billion for the current year, with estimates ranging from $10.85 billion to $12.77 billion. For the next fiscal year, analysts anticipate that the business will report sales of $11.97 billion, with estimates ranging from $10.93 billion to $13.36 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Crown.
Crown (NYSE:CCK) last issued its quarterly earnings data on Sunday, April 18th. The industrial products company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.44. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.98 billion. Crown had a net margin of 4.52% and a return on equity of 33.90%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 earnings per share.
CCK traded up $0.54 during midday trading on Friday, hitting $110.98. 14,726 shares of the company’s stock traded hands, compared to its average volume of 1,041,478. Crown has a one year low of $55.85 and a one year high of $111.67. The company has a debt-to-equity ratio of 3.47, a current ratio of 1.19 and a quick ratio of 0.74. The stock’s fifty day simple moving average is $103.04 and its 200-day simple moving average is $97.22. The company has a market cap of $14.97 billion, a PE ratio of 29.10, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Investors of record on Thursday, May 6th will be given a $0.20 dividend. The ex-dividend date is Wednesday, May 5th. This represents a $0.80 annualized dividend and a yield of 0.72%. Crown’s dividend payout ratio (DPR) is currently 15.66%.
Crown declared that its Board of Directors has approved a stock repurchase program on Thursday, February 25th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the industrial products company to purchase up to 11.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In other Crown news, Director John W. Conway sold 334 shares of Crown stock in a transaction on Wednesday, April 28th. The stock was sold at an average price of $109.76, for a total transaction of $36,659.84. Following the completion of the transaction, the director now directly owns 1,031,377 shares of the company’s stock, valued at $113,203,939.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Hock Huat Goh sold 4,625 shares of Crown stock in a transaction on Wednesday, April 28th. The shares were sold at an average price of $109.82, for a total value of $507,917.50. Following the transaction, the insider now directly owns 53,607 shares of the company’s stock, valued at $5,887,120.74. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CCK. California Public Employees Retirement System raised its holdings in shares of Crown by 4.2% in the fourth quarter. California Public Employees Retirement System now owns 311,940 shares of the industrial products company’s stock valued at $31,256,000 after buying an additional 12,487 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Crown by 13.9% in the first quarter. Robeco Institutional Asset Management B.V. now owns 33,511 shares of the industrial products company’s stock worth $3,252,000 after purchasing an additional 4,089 shares during the period. Engineers Gate Manager LP increased its position in Crown by 539.8% in the fourth quarter. Engineers Gate Manager LP now owns 28,281 shares of the industrial products company’s stock worth $2,834,000 after purchasing an additional 23,861 shares during the period. Aubrey Capital Management Ltd grew its position in shares of Crown by 23.9% during the 1st quarter. Aubrey Capital Management Ltd now owns 2,915 shares of the industrial products company’s stock worth $283,000 after buying an additional 562 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Crown by 1.5% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 25,340 shares of the industrial products company’s stock worth $2,539,000 after buying an additional 365 shares during the period. 87.90% of the stock is owned by institutional investors.
Crown Company Profile
Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.
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