Crown (NYSE:CCK) Issues FY24 Earnings Guidance

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

Crown Price Performance

Shares of NYSE CCK traded down $0.12 during midday trading on Monday, reaching $77.46. 1,417,040 shares of the company were exchanged, compared to its average volume of 1,116,106. The stock’s 50-day moving average price is $79.30 and its 200-day moving average price is $80.38. The stock has a market cap of $9.35 billion, a P/E ratio of 22.27, a PEG 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. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 2.26.

Crown (NYSE:CCK) last posted its earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Crown had a net margin of 3.51% and a return on equity of 23.95%. The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.68 earnings per share. On average, sell-side analysts anticipate that Crown will post 5.97 earnings per share for the current fiscal year.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CCK shares. Robert W. Baird lifted their price target on shares of Crown from $90.00 to $100.00 and gave the stock an outperform rating in a report on Wednesday, May 1st. Loop Capital boosted their target price on shares of Crown from $101.00 to $106.00 and gave the company a buy rating in a report on Wednesday, May 1st. Wells Fargo & Company boosted their target price on shares of Crown from $84.00 to $85.00 and gave the stock an equal weight rating in a research report on Wednesday, July 17th. UBS Group decreased their target price on shares of Crown from $112.00 to $91.00 and set a buy rating for the company in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Crown from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $96.77.

Insider Buying and Selling at Crown

In other Crown news, CEO Timothy J. Donahue sold 22,500 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total value of $1,916,550.00. Following the transaction, the chief executive officer now directly owns 616,178 shares in the company, valued at $52,486,042.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Timothy J. Donahue sold 22,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the sale, the chief executive officer now directly owns 616,178 shares in the company, valued at approximately $52,486,042.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James H. Miller sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total transaction of $746,370.00. Following the sale, the director now owns 12,884 shares in the company, valued at $1,068,470.12. The disclosure for this sale can be found here. Insiders have sold a total of 39,000 shares of company stock worth $3,300,420 over the last three months. 0.90% of the stock is currently owned by insiders.

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.