Crown (NYSE:CCK) Issues Q2 2024 Earnings Guidance

Crown (NYSE:CCK) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 1.550-1.650 for the period, compared to the consensus estimate of 1.560. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Trading Up 3.2 %

Shares of CCK stock traded up $2.57 on Tuesday, reaching $83.66. 945,970 shares of the stock were exchanged, compared to its average volume of 1,224,566. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The stock has a market cap of $10.11 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. The firm has a 50 day moving average of $77.60 and a two-hundred day moving average of $82.60. Crown has a 1-year low of $69.61 and a 1-year high of $96.35.

Crown (NYSE:CCK) last announced its earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.96 by $0.06. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a return on equity of 25.75% and a net margin of 3.75%. The company’s revenue was down 6.4% on a year-over-year basis. During the same period last year, the business posted $1.20 EPS. On average, research analysts anticipate that Crown will post 5.9 EPS for the current year.

Crown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.20%. Crown’s dividend payout ratio (DPR) is 26.60%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho decreased their price objective on shares of Crown from $105.00 to $96.00 and set a buy rating for the company in a report on Tuesday, February 6th. Robert W. Baird raised shares of Crown from a neutral rating to an outperform rating and lifted their target price for the stock from $85.00 to $90.00 in a research report on Tuesday, April 16th. Morgan Stanley began coverage on shares of Crown in a research note on Monday, March 18th. They issued an equal weight rating and a $87.00 price objective for the company. UBS Group began coverage on shares of Crown in a research note on Tuesday, January 16th. They set a buy rating and a $112.00 target price on the stock. Finally, Royal Bank of Canada decreased their target price on Crown from $110.00 to $97.00 and set an outperform rating for the company in a research report on Thursday, February 8th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $99.21.

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.