Crown (NYSE:CCK) Updates FY24 Earnings Guidance

Crown (NYSE:CCK) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $6.00-6.25 for the period, compared to the consensus earnings per share estimate of $5.97. Crown also updated its Q3 guidance to $1.75-1.85 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CCK. Citigroup reduced their target price on Crown from $102.00 to $94.00 and set a buy rating for the company in a report on Monday, July 8th. Loop Capital increased their price objective on Crown from $101.00 to $106.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Robert W. Baird increased their price objective on Crown from $90.00 to $100.00 and gave the stock an outperform rating in a report on Wednesday, May 1st. UBS Group cut their price objective on Crown from $112.00 to $91.00 and set a buy rating for the company in a report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price objective on Crown from $84.00 to $85.00 and gave the stock an equal weight rating in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $96.77.

Crown Stock Down 0.2 %

Crown stock traded down $0.12 during mid-day trading on Monday, hitting $77.46. 1,417,040 shares of the company’s stock were exchanged, compared to its average volume of 1,116,106. The stock has a market cap of $9.35 billion, a P/E ratio of 22.27, a P/E/G ratio of 2.04 and a beta of 0.85. The stock has a 50 day moving average of $79.30 and a two-hundred day moving average of $80.38. Crown has a 1-year low of $69.61 and a 1-year high of $96.35. 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 (NYSE:CCK) last issued its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a return on equity of 23.95% and a net margin of 3.51%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same period last year, the business posted $1.20 earnings per share. As a group, analysts anticipate that Crown will post 5.97 EPS for the current fiscal year.

Crown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, June 13th. Crown’s dividend payout ratio is currently 28.82%.

Insider Activity

In other news, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $82.93, for a total value of $746,370.00. Following the sale, the director now directly owns 12,884 shares of the company’s stock, valued at $1,068,470.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director James H. Miller sold 9,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total value of $746,370.00. Following the completion of the sale, the director now owns 12,884 shares in the company, valued at $1,068,470.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,000 shares of company stock valued at $3,300,420. 0.90% of the stock is owned by insiders.

Crown Company Profile

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.