Crown (NYSE:CCK) Releases Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Crown (NYSE:CCK) issued its quarterly earnings results on Monday. The industrial products company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.59 by $0.22, Briefing.com reports. Crown had a net margin of 3.68% and a return on equity of 24.18%. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the company earned $1.68 EPS. Crown’s revenue was down 2.2% on a year-over-year basis.

Crown Stock Up 0.9 %

Shares of CCK stock traded up $0.79 during trading on Wednesday, reaching $85.16. The company’s stock had a trading volume of 1,781,017 shares, compared to its average volume of 1,141,304. The business has a fifty day moving average price of $79.16 and a 200-day moving average price of $80.24. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 2.26. The company has a market cap of $10.28 billion, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 2.04 and a beta of 0.85. Crown has a one year low of $69.61 and a one year high of $96.35.

Crown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Thursday, June 13th. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Insider Transactions at Crown

In other news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at $51,737,630. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $85.00, for a total value of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at $51,737,630. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy J. Donahue sold 15,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the completion of the sale, the chief executive officer now directly owns 593,678 shares in the company, valued at approximately $50,480,440.34. The disclosure for this sale can be found here. Insiders have sold a total of 54,000 shares of company stock valued at $4,575,870 over the last 90 days. 0.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CCK has been the subject of several analyst reports. Morgan Stanley lifted their price target on shares of Crown from $89.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Wells Fargo & Company lifted their price target on shares of Crown from $85.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Barclays boosted their price objective on shares of Crown from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America boosted their price objective on shares of Crown from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Crown from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $99.21.

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.