Crown (NYSE:CCK) Updates FY 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 6.250-6.350 for the period, compared to the consensus estimate of 6.150. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $6.25-6.35 EPS.

Analyst Ratings Changes

CCK has been the topic of a number of research reports. Bank of America boosted their target price on shares of Crown from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley increased their price objective on shares of Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 4th. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research report on Tuesday. UBS Group cut their price target on Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, Loop Capital raised their price objective on Crown from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Crown has a consensus rating of “Moderate Buy” and a consensus price target of $103.07.

Crown Stock Down 0.3 %

Crown stock traded down $0.24 during midday trading on Thursday, hitting $93.80. 1,402,067 shares of the stock were exchanged, compared to its average volume of 1,127,190. The company has a quick ratio of 0.73, a current ratio of 1.05 and a debt-to-equity ratio of 2.00. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86. Crown has a 52-week low of $69.61 and a 52-week high of $96.74. The business’s 50-day moving average price is $91.26 and its 200-day moving average price is $84.17.

Crown (NYSE:CCK) last released its earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.22. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.06 billion. During the same period in the prior year, the company posted $1.68 earnings per share. Crown’s quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts expect that Crown will post 6.15 EPS for the current fiscal year.

Crown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 annualized dividend and a yield of 1.07%. Crown’s payout ratio is currently 28.82%.

Insiders Place Their Bets

In other news, Director James H. Miller sold 1,006 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total transaction of $96,173.60. Following the completion of the sale, the director now owns 12,424 shares in the company, valued at $1,187,734.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director James H. Miller sold 1,006 shares of Crown stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of the sale, the director now owns 12,424 shares of the company’s stock, valued at approximately $1,187,734.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 15,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the sale, the chief executive officer now owns 593,678 shares in the company, valued at $50,480,440.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,506 shares of company stock valued at $3,392,349. Company insiders own 0.90% of the company’s stock.

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.