Crown (NYSE:CCK) Updates Q2 2024 Earnings Guidance

Crown (NYSE:CCK) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 1.550-1.650 for the period, compared to the consensus estimate of 1.560. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Stock Up 1.1 %

NYSE:CCK opened at $83.00 on Thursday. The company has a market cap of $10.03 billion, a price-to-earnings ratio of 23.92, a P/E/G ratio of 2.78 and a beta of 0.88. Crown has a 52-week low of $69.61 and a 52-week 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 stock’s fifty day moving average price is $77.94 and its two-hundred day moving average price is $82.62.

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

Crown Increases Dividend

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

Analyst Upgrades and Downgrades

CCK has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Crown from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday. Truist Financial restated a hold rating and issued a $88.00 price target (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. UBS Group initiated coverage on Crown in a report on Tuesday, January 16th. They set a buy rating and a $112.00 price objective on the stock. Wolfe Research initiated coverage on shares of Crown in a report on Friday, March 1st. They set an outperform rating and a $102.00 target price on the stock. Finally, Morgan Stanley began coverage on shares of Crown in a research report on Monday, March 18th. They set an equal weight rating and a $87.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $99.29.

Insider Transactions at Crown

In related news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the transaction, the chief executive officer now owns 616,178 shares in the company, valued at approximately $52,486,042.04. The sale was disclosed in a document filed with the SEC, which can be accessed through 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.