Crown (NYSE:CCK) Releases Q2 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $1.55-$1.65 for the period, compared to the consensus estimate of $1.56. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CCK shares. Morgan Stanley started coverage on Crown in a report on Monday, March 18th. They set an equal weight rating and a $87.00 price objective for the company. JPMorgan Chase & Co. raised shares of Crown from a neutral rating to an overweight rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 7th. Robert W. Baird upgraded shares of Crown from a neutral rating to an outperform rating and increased their price target for the stock from $85.00 to $90.00 in a research note on Tuesday, April 16th. Wolfe Research began coverage on Crown in a research note on Friday, March 1st. They issued an outperform rating and a $102.00 price objective on the stock. Finally, Royal Bank of Canada dropped their target price on shares of Crown from $110.00 to $97.00 and set an outperform rating on the stock in a report on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $99.21.

Crown Trading Up 4.1 %

NYSE:CCK traded up $3.35 on Tuesday, hitting $84.44. 811,072 shares of the stock were exchanged, compared to its average volume of 1,221,381. Crown has a 52 week low of $69.61 and a 52 week high of $96.35. The company’s 50-day moving average price is $77.60 and its 200 day moving average price is $82.60. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 2.73 and a beta of 0.91.

Crown (NYSE:CCK) last issued 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 net margin of 3.75% and a return on equity of 25.75%. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the company posted $1.20 EPS. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, equities research analysts forecast that Crown will post 5.9 earnings per share for the current year.

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.25 per share. This is an increase from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Wednesday, March 13th. Crown’s dividend payout ratio (DPR) is 26.60%.

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.