Crown (NYSE:CCK) Issues FY24 Earnings Guidance

Crown (NYSE:CCK) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.25-6.35 for the period, compared to the consensus EPS estimate of $6.15. Crown also updated its Q4 guidance to $1.45-1.55 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CCK. Wells Fargo & Company lifted their target price on shares of Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Loop Capital lifted their target price on shares of Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Bank of America lifted their target price on shares of Crown from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley raised their price target on shares of Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 4th. Finally, Citigroup raised their price target on shares of Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.07.

Crown Stock Performance

Shares of NYSE:CCK traded down $0.21 during trading on Thursday, hitting $93.83. 1,177,156 shares of the stock traded hands, compared to its average volume of 1,126,074. The company has a quick ratio of 0.73, a current ratio of 1.05 and a debt-to-equity ratio of 2.00. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 27.10, a P/E/G ratio of 2.19 and a beta of 0.86. Crown has a 52-week low of $69.61 and a 52-week high of $96.74. The company has a fifty day moving average price of $91.26 and a two-hundred day moving average price of $84.17.

Crown (NYSE:CCK) last posted its quarterly earnings data on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.22. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the previous year, the firm posted $1.68 EPS. Crown’s revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that Crown will post 6.15 EPS for the current year.

Crown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, August 15th. Crown’s dividend payout ratio is currently 28.82%.

Insider Transactions at Crown

In related news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total value of $1,275,450.00. Following the transaction, the chief executive officer now directly owns 593,678 shares in the company, valued at approximately $50,480,440.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Crown news, Director James H. Miller sold 1,006 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the sale, the director now owns 12,424 shares of the company’s stock, valued at $1,187,734.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy J. Donahue sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,506 shares of company stock worth $3,392,349 in the last ninety days. Insiders own 0.90% of the company’s stock.

Crown Company Profile

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.