Crown (NYSE:CCK) Issues Quarterly Earnings Results

Crown (NYSE:CCK) posted its earnings results on Monday. The industrial products company reported $2.49 EPS for the quarter, topping the consensus estimate of $2.15 by $0.34, FiscalAI reports. Crown had a net margin of 5.65% and a return on equity of 26.62%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.37 billion.

Crown Stock Performance

Shares of NYSE:CCK traded down $2.48 during mid-day trading on Monday, reaching $114.73. The company had a trading volume of 1,298,895 shares, compared to its average volume of 1,145,359. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 1.67. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.96 and a beta of 0.60. The company’s 50-day moving average price is $102.90 and its 200-day moving average price is $104.72. Crown has a one year low of $89.21 and a one year high of $118.50.

Crown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. Crown’s dividend payout ratio (DPR) is presently 22.29%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CCK shares. Wells Fargo & Company increased their price target on Crown from $109.00 to $117.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 15th. UBS Group cut their price objective on Crown from $120.00 to $112.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Royal Bank Of Canada upped their price objective on Crown from $129.00 to $131.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Bank of America raised their target price on Crown from $129.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen upgraded Crown from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $124.07.

Insider Buying and Selling

In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $105.00, for a total transaction of $1,575,000.00. Following the completion of the transaction, the chief executive officer directly owned 436,070 shares of the company’s stock, valued at approximately $45,787,350. This represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.90% of the company’s stock.

Institutional Trading of Crown

A number of large investors have recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. bought a new position in Crown during the fourth quarter worth about $127,230,000. AQR Capital Management LLC raised its position in shares of Crown by 36.9% in the third quarter. AQR Capital Management LLC now owns 3,467,550 shares of the industrial products company’s stock valued at $333,197,000 after purchasing an additional 933,938 shares during the period. Invesco Ltd. raised its position in shares of Crown by 33.6% in the fourth quarter. Invesco Ltd. now owns 3,526,983 shares of the industrial products company’s stock valued at $363,173,000 after purchasing an additional 886,471 shares during the period. Scopus Asset Management L.P. purchased a new stake in shares of Crown during the 2nd quarter valued at approximately $47,214,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Crown by 180.5% during the 2nd quarter. Balyasny Asset Management L.P. now owns 576,394 shares of the industrial products company’s stock valued at $59,357,000 after buying an additional 370,929 shares in the last quarter. 90.93% of the stock is owned by hedge funds and other institutional investors.

Crown Company Profile

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.