Crown (NYSE:CCK) Issues FY 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 6.250-6.350 for the period, compared to the consensus estimate of 6.150. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $6.25-6.35 EPS.

Crown Trading Up 4.2 %

Shares of CCK opened at $97.75 on Friday. The firm’s 50-day moving average is $91.66 and its two-hundred day moving average is $84.36. Crown has a twelve month low of $69.61 and a twelve month high of $98.46. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $11.80 billion, a P/E ratio of 28.17, a PEG ratio of 2.19 and a beta of 0.86.

Crown (NYSE:CCK) last released its quarterly earnings data on Monday, July 22nd. The industrial products company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.22. The firm had revenue of $3.04 billion during 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 quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted $1.68 EPS. On average, research analysts predict that Crown will post 6.15 earnings per share for the current fiscal year.

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.02%. Crown’s dividend payout ratio is presently 28.82%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CCK. UBS Group cut 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. Loop Capital lifted their price objective on Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial increased their target price on Crown from $95.00 to $103.00 and gave the company a “hold” rating in a report on Tuesday. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Mizuho set a $110.00 price objective on Crown in a research report on Friday. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.69.

Insider Activity

In related news, Director James H. Miller sold 1,006 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total value of $96,173.60. Following the sale, the director now directly owns 12,424 shares of the company’s stock, valued at approximately $1,187,734.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Crown news, Director James H. Miller sold 1,006 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total transaction of $96,173.60. Following the transaction, the director now owns 12,424 shares of the company’s stock, valued at $1,187,734.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $93.00, for a total transaction of $697,500.00. Following the sale, the chief executive officer now directly owns 571,178 shares of the company’s stock, valued at $53,119,554. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,506 shares of company stock valued at $3,392,349 in the last 90 days. 0.90% of the stock is currently owned by insiders.

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.