Zacks: Analysts Anticipate Crown Holdings, Inc. (NYSE:CCK) Will Post Earnings of $1.77 Per Share


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Analysts forecast that Crown Holdings, Inc. (NYSE:CCK) will announce earnings per share (EPS) of $1.77 for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Crown’s earnings, with estimates ranging from $1.70 to $1.88. Crown posted earnings of $1.33 per share during the same quarter last year, which suggests a positive year over year growth rate of 33.1%. The firm is scheduled to issue its next quarterly earnings results on Monday, July 19th.

According to Zacks, analysts expect that Crown will report full year earnings of $6.85 per share for the current financial year, with EPS estimates ranging from $6.73 to $6.96. For the next financial year, analysts forecast that the firm will post earnings of $7.47 per share, with EPS estimates ranging from $7.05 to $7.90. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Crown.

Crown (NYSE:CCK) last posted its quarterly earnings results on Sunday, April 18th. The industrial products company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.39 by $0.44. The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Crown had a net margin of 4.52% and a return on equity of 33.90%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company posted $1.13 earnings per share.

Several analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Crown from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Thursday, April 22nd. They noted that the move was a valuation call. Citigroup raised their price target on shares of Crown from $117.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 11th. BMO Capital Markets raised their price target on shares of Crown from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, April 21st. Morgan Stanley lifted their target price on shares of Crown from $122.00 to $129.00 and gave the company an “overweight” rating in a research note on Wednesday, April 28th. Finally, The Goldman Sachs Group began coverage on shares of Crown in a research note on Thursday, April 15th. They issued a “neutral” rating and a $108.00 target price for the company. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Crown presently has a consensus rating of “Buy” and a consensus price target of $116.71.

In other news, Director John W. Conway sold 334 shares of Crown stock in a transaction that occurred on Wednesday, April 28th. The shares were sold at an average price of $109.76, for a total value of $36,659.84. Following the transaction, the director now owns 1,031,377 shares of the company’s stock, valued at $113,203,939.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Hock Huat Goh sold 4,625 shares of Crown stock in a transaction that occurred on Wednesday, April 28th. The shares were sold at an average price of $109.82, for a total transaction of $507,917.50. Following the completion of the transaction, the insider now directly owns 53,607 shares in the company, valued at approximately $5,887,120.74. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC bought a new position in Crown during the first quarter worth $759,000. Victory Capital Management Inc. increased its position in Crown by 0.9% during the first quarter. Victory Capital Management Inc. now owns 59,717 shares of the industrial products company’s stock worth $5,795,000 after acquiring an additional 561 shares during the period. Chartwell Investment Partners LLC increased its position in Crown by 110.8% during the first quarter. Chartwell Investment Partners LLC now owns 25,094 shares of the industrial products company’s stock worth $2,435,000 after acquiring an additional 13,192 shares during the period. Signaturefd LLC increased its position in Crown by 108.5% during the first quarter. Signaturefd LLC now owns 367 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 191 shares during the period. Finally, Exane Derivatives increased its position in Crown by 64,957.1% during the first quarter. Exane Derivatives now owns 4,554 shares of the industrial products company’s stock worth $442,000 after acquiring an additional 4,547 shares during the period. 87.90% of the stock is currently owned by institutional investors and hedge funds.

Shares of CCK stock traded up $0.54 during trading on Thursday, hitting $110.98. 14,726 shares of the company were exchanged, compared to its average volume of 1,041,478. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.74 and a current ratio of 1.19. The firm has a market capitalization of $14.97 billion, a price-to-earnings ratio of 29.10, a P/E/G ratio of 2.99 and a beta of 1.14. The business’s 50-day simple moving average is $103.04 and its 200 day simple moving average is $97.22. Crown has a twelve month low of $55.85 and a twelve month high of $111.67.

Crown declared that its board has approved a share buyback plan on Thursday, February 25th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 11.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 20th. Stockholders of record on Thursday, May 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend is Wednesday, May 5th. Crown’s dividend payout ratio is 15.66%.

About Crown

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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