Crown Holdings, Inc. (NYSE:CCK) Plans $0.20 Quarterly Dividend

Crown Holdings, Inc. (NYSE:CCK) declared a quarterly dividend on Thursday, April 22nd, RTT News reports. Shareholders of record on Thursday, May 6th will be paid a dividend of 0.20 per share by the industrial products company on Thursday, May 20th. This represents a $0.80 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Wednesday, May 5th.

Crown has a payout ratio of 11.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Crown to earn $6.37 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 12.6%.

Shares of CCK opened at $109.80 on Monday. The company has a debt-to-equity ratio of 3.47, a current ratio of 1.19 and a quick ratio of 0.74. Crown has a 1-year low of $55.85 and a 1-year high of $111.67. The stock has a market cap of $14.81 billion, a price-to-earnings ratio of 28.74, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14. The firm has a 50 day simple moving average of $102.24 and a 200-day simple moving average of $96.80.

Crown (NYSE:CCK) last announced its earnings results on Sunday, April 18th. The industrial products company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.44. Crown had a return on equity of 33.90% and a net margin of 4.52%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the prior year, the firm earned $1.13 EPS. Crown’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that Crown will post 5.71 earnings per share for the current fiscal year.

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

Crown announced that its board has approved a share repurchase program on Thursday, February 25th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 11.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

CCK has been the topic of a number of recent research reports. Jefferies Financial Group upped their target price on shares of Crown from $123.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 21st. Morgan Stanley raised their target price on shares of Crown from $122.00 to $129.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 28th. The Goldman Sachs Group assumed coverage on Crown in a report on Thursday, April 15th. They issued a “neutral” rating and a $108.00 price target for the company. Citigroup raised their price objective on Crown from $117.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 11th. Finally, Wells Fargo & Company upped their target price on Crown from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Thursday, April 22nd. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $116.71.

Crown Company Profile

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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