Crown (NYSE:CCK) Announces Earnings Results

Crown (NYSE:CCK) posted its quarterly earnings results on Monday. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22, Briefing.com reports. Crown had a net margin of 3.51% and a return on equity of 23.95%. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.06 billion. During the same period last year, the firm posted $1.68 EPS. Crown’s revenue for the quarter was down 2.2% compared to the same quarter last year.

Crown Stock Down 0.2 %

Shares of NYSE:CCK opened at $77.43 on Tuesday. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.19 and a quick ratio of 0.77. The firm has a market capitalization of $9.35 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 2.04 and a beta of 0.85. The firm’s 50-day moving average is $79.16 and its two-hundred day moving average is $80.29. Crown has a 1 year low of $69.61 and a 1 year high of $96.35.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th were paid 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 yield of 1.29%. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Insiders Place Their Bets

In other Crown news, Director James H. Miller sold 9,000 shares of the business’s stock in a transaction dated 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 directly owns 12,884 shares in the company, valued at $1,068,470.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, 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 directly owns 12,884 shares in the company, valued at $1,068,470.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares in the company, valued at $51,737,630. The disclosure for this sale can be found here. Insiders have sold 39,000 shares of company stock worth $3,300,420 over the last three months. Company insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

CCK has been the subject of a number of recent research reports. Truist Financial reissued a “hold” rating and set a $88.00 price target (down from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Wells Fargo & Company lifted their target price on shares of Crown from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, July 17th. Loop Capital lifted 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. Robert W. Baird lifted their target price on shares of Crown from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Crown from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $96.77.

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.