Crown (NYSE:CCK) Updates Q3 2019 Earnings Guidance

Crown (NYSE:CCK) updated its third quarter 2019 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.50-1.60 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.70. Crown also updated its FY 2019 guidance to $5.05-5.20 EPS.

Shares of Crown stock traded down $0.84 on Wednesday, reaching $59.38. The company had a trading volume of 2,261,224 shares, compared to its average volume of 1,343,378. The firm’s 50-day simple moving average is $59.63. Crown has a 1 year low of $39.05 and a 1 year high of $63.39. The company has a current ratio of 1.20, a quick ratio of 0.65 and a debt-to-equity ratio of 5.87. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 1.64 and a beta of 1.59.

Crown (NYSE:CCK) last released its quarterly earnings results on Wednesday, April 17th. The industrial products company reported $1.05 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.05. Crown had a return on equity of 54.33% and a net margin of 3.86%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the company posted $0.94 EPS. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. Equities analysts expect that Crown will post 5.29 EPS for the current fiscal year.

A number of equities analysts have issued reports on the company. Morgan Stanley set a $60.00 price target on Berry Global Group and gave the stock a hold rating in a research report on Wednesday, April 17th. Wells Fargo & Co set a $9.00 target price on Bausch Health Companies and gave the stock a sell rating in a research note on Friday, May 17th. Deutsche Bank raised their price target on Keysight Technologies from $100.00 to $120.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Zacks Investment Research lowered Great Portland Estates from a hold rating to a sell rating in a report on Tuesday, April 16th. Finally, Citigroup lifted their price target on Silgan from $34.00 to $36.00 and gave the stock a buy rating in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $63.22.

In related news, Director John W. Conway sold 129,000 shares of Crown stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $58.06, for a total value of $7,489,740.00. Following the transaction, the director now owns 1,156,677 shares in the company, valued at approximately $67,156,666.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Gerard H. Gifford sold 10,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $60.79, for a total transaction of $607,900.00. Following the completion of the sale, the chief operating officer now owns 152,292 shares in the company, valued at $9,257,830.68. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

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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