Crown (NYSE:CCK) Releases FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Thursday. 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.

Analyst Ratings Changes

Several research firms have recently weighed in on CCK. Citigroup increased their price objective on shares of Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Truist Financial raised their price target on shares of Crown from $95.00 to $103.00 and gave the stock a “hold” rating in a report on Tuesday. Loop Capital raised their price target on shares of Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company raised their price target on shares of Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Morgan Stanley raised their price target on shares of Crown from $92.00 to $105.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $103.07.

Crown Stock Performance

Shares of CCK stock opened at $93.80 on Friday. The stock has a market capitalization of $11.33 billion, a P/E ratio of 27.03, a PEG ratio of 2.19 and a beta of 0.86. 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’s 50 day moving average is $91.42 and its 200 day moving average is $84.23. Crown has a 12 month low of $69.61 and a 12 month high of $96.74.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.22. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Crown had a net margin of 3.68% and a return on equity of 23.96%. Crown’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.68 EPS. On average, sell-side analysts anticipate that Crown will post 6.15 earnings per share for the current year.

Crown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors 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 (DPR) is presently 28.82%.

Insider Buying and Selling

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