Crown (NYSE:CCK) Issues FY 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 5.800-6.200 for the period, compared to the consensus EPS estimate of 5.980. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Crown Stock Performance

NYSE CCK traded up $1.18 during trading hours on Wednesday, hitting $83.25. The company had a trading volume of 153,026 shares, compared to its average volume of 1,235,046. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. Crown has a 1-year low of $69.61 and a 1-year high of $96.35. The company has a market cap of $10.06 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 2.75 and a beta of 0.91. The business has a 50 day moving average of $77.78 and a 200-day moving average of $82.62.

Crown (NYSE:CCK) last announced its earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. Crown had a net margin of 3.51% and a return on equity of 24.23%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the prior year, the company earned $1.20 earnings per share. The business’s revenue was down 6.4% compared to the same quarter last year. As a group, equities research analysts expect 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 given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. This is an increase from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Truist Financial reaffirmed a hold rating and set a $88.00 price objective (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Royal Bank of Canada dropped their price target on Crown from $110.00 to $97.00 and set an outperform rating for the company in a research report on Thursday, February 8th. Wells Fargo & Company lowered their price objective on shares of Crown from $78.00 to $76.00 and set an equal weight rating on the stock in a research note on Thursday, April 11th. JPMorgan Chase & Co. upgraded shares of Crown from a neutral rating to an overweight rating and set a $85.00 target price for the company in a research report on Wednesday, February 7th. Finally, Robert W. Baird raised their price target on Crown from $90.00 to $100.00 and gave the stock an outperform rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $99.93.

Insider Transactions at Crown

In other news, CEO Timothy J. Donahue sold 22,500 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the sale, the chief executive officer now owns 616,178 shares in the company, valued at $52,486,042.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.