Crown (NYSE:CCK) Releases FY24 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $6.00-6.25 for the period, compared to the consensus estimate of $5.97. Crown also updated its FY 2024 guidance to 6.000-6.250 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CCK. Truist Financial upped their price target on Crown from $88.00 to $95.00 and gave the company a hold rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price target on Crown from $85.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Morgan Stanley boosted their price objective on Crown from $89.00 to $92.00 and gave the stock an equal weight rating in a research report on Wednesday. UBS Group reduced their target price on shares of Crown from $112.00 to $91.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Citigroup cut their price target on Crown from $102.00 to $94.00 and set a buy rating on the stock in a research note on Monday, July 8th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $99.21.

Crown Stock Up 0.7 %

Shares of Crown stock opened at $84.99 on Thursday. Crown has a one year low of $69.61 and a one year high of $96.35. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.77 and a current ratio of 1.19. The firm has a fifty day moving average of $79.16 and a two-hundred day moving average of $80.24. The company has a market cap of $10.26 billion, a P/E ratio of 24.49, a PEG ratio of 2.20 and a beta of 0.85.

Crown (NYSE:CCK) last posted its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.22. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.06 billion. Crown had a return on equity of 24.18% and a net margin of 3.68%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.68 earnings per share. On average, analysts forecast that Crown will post 6.02 earnings per share for the current year.

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 13th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Thursday, June 13th. Crown’s dividend payout ratio (DPR) is 28.82%.

Insiders Place Their Bets

In other news, Director James H. Miller sold 9,000 shares of Crown stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total transaction of $746,370.00. Following the completion of the sale, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Crown news, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total transaction of $746,370.00. Following the completion of the transaction, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the sale, the chief executive officer now directly owns 608,678 shares in the company, valued at approximately $51,737,630. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,000 shares of company stock worth $4,575,870. 0.90% of the stock is owned by company insiders.

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.