Crown (NYSE:CCK) Updates Q4 Earnings Guidance

Crown (NYSE:CCK) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.45-1.55 for the period, compared to the consensus earnings per share estimate of $1.52. Crown also updated its FY24 guidance to $6.25-6.35 EPS.

Crown Stock Performance

CCK stock traded down $0.20 on Thursday, reaching $93.84. The company’s stock had a trading volume of 1,390,384 shares, compared to its average volume of 1,127,135. The firm has a fifty day moving average of $91.26 and a two-hundred day moving average of $84.17. The company has a market capitalization of $11.33 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 0.73. Crown has a 52 week low of $69.61 and a 52 week high of $96.74.

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

Crown Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Barclays boosted their target price on Crown from $95.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Loop Capital raised their price target on Crown from $106.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Truist Financial increased their price objective on shares of Crown from $95.00 to $103.00 and gave the company a “hold” rating in a research report on Tuesday. UBS Group decreased their price target on shares of Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, StockNews.com upgraded Crown from a “hold” rating to a “buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Crown has an average rating of “Moderate Buy” and an average target price of $103.07.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 15,000 shares of the firm’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 transaction of $1,275,450.00. Following the completion of the sale, the chief executive officer now owns 593,678 shares of the company’s stock, valued at $50,480,440.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Timothy J. Donahue sold 15,000 shares of the 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 transaction, the chief executive officer now owns 593,678 shares in the company, valued at $50,480,440.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total transaction of $643,875.00. Following the sale, the chief executive officer now directly owns 586,178 shares of the company’s stock, valued at approximately $50,323,381.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,506 shares of company stock valued at $3,392,349 over the last quarter. Corporate 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.