Crown (NYSE:CCK) Releases FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 6.000-6.250 for the period, compared to the consensus estimate of 5.970. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $6.00-6.25 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. raised their price objective on Crown from $85.00 to $90.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Citigroup cut their price objective on Crown from $102.00 to $94.00 and set a buy rating on the stock in a report on Monday, July 8th. Truist Financial reiterated a hold rating and issued a $88.00 target price (down previously from $100.00) on shares of Crown in a research note on Wednesday, March 27th. Robert W. Baird increased their target price on Crown from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, May 1st. Finally, UBS Group lowered their target price on Crown from $112.00 to $91.00 and set a buy rating for the company in a research note 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 company’s stock. Based on data from MarketBeat.com, Crown has a consensus rating of Moderate Buy and an average target price of $96.77.

Crown Price Performance

NYSE CCK traded down $0.15 on Monday, reaching $77.43. 1,433,075 shares of the stock traded hands, compared to its average volume of 1,116,193. The firm’s fifty day simple moving average is $79.30 and its 200 day simple moving average is $80.38. 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 $9.35 billion, a price-to-earnings ratio of 22.27, a P/E/G ratio of 2.04 and a beta of 0.85. Crown has a 12 month low of $69.61 and a 12 month high of $96.35.

Crown (NYSE:CCK) last issued its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.22. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.06 billion. Crown had a return on equity of 23.95% and a net margin of 3.51%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $1.68 EPS. As a group, research analysts predict that Crown will post 5.97 EPS for the current fiscal year.

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were given a dividend of $0.25 per share. The ex-dividend date of this dividend 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%.

Insider Activity

In other news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 608,678 shares in the company, valued at approximately $51,737,630. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 608,678 shares in the company, valued at approximately $51,737,630. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James H. Miller sold 9,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $1,068,470.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,000 shares of company stock worth $3,300,420. Insiders own 0.90% of the company’s stock.

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.