Crown (NYSE:CCK) Updates FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 5.800-6.200 for the period, compared to the consensus EPS estimate of 5.980. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Analysts Set New Price Targets

CCK has been the topic of several research analyst reports. UBS Group began coverage on Crown in a research note on Tuesday, January 16th. They issued a buy rating and a $112.00 price objective on the stock. Truist Financial reaffirmed a hold rating and set a $88.00 target price (down from $100.00) on shares of Crown in a research report on Wednesday, March 27th. JPMorgan Chase & Co. increased their price target on Crown from $85.00 to $90.00 and gave the company an overweight rating in a report on Wednesday. Robert W. Baird increased their target price on Crown from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Wells Fargo & Company lifted their price target on shares of Crown from $76.00 to $84.00 and gave the stock an equal weight rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $99.29.

Crown Price Performance

NYSE CCK opened at $83.00 on Thursday. The company has a 50-day moving average price of $77.94 and a two-hundred day moving average price of $82.62. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of 23.92, a price-to-earnings-growth ratio of 2.78 and a beta of 0.88. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26. Crown has a 52 week low of $69.61 and a 52 week high of $96.35.

Crown (NYSE:CCK) last posted its earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.96 by $0.06. Crown had a return on equity of 23.95% and a net margin of 3.51%. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period last year, the firm earned $1.20 EPS. The firm’s revenue was down 6.4% compared to the same quarter last year. Analysts forecast that Crown will post 5.9 EPS for the current year.

Crown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. This is an increase from Crown’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 13th. Crown’s dividend payout ratio is 28.82%.

Insider Buying and Selling at Crown

In other news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the sale, the chief executive officer now owns 616,178 shares in the company, valued at $52,486,042.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.90% of the stock is currently owned by corporate insiders.

About Crown

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.