Crown (NYSE:CCK) Issues Q3 Earnings Guidance

Crown (NYSE:CCK) issued an update on its third quarter earnings guidance on Monday morning. The company provided EPS guidance of $1.75-1.85 for the period, compared to the consensus EPS estimate of $1.79. Crown also updated its FY24 guidance to $6.00-6.25 EPS.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group lowered their price target on shares of Crown from $112.00 to $91.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on shares of Crown from $84.00 to $85.00 and gave the company an equal weight rating in a research note on Wednesday, July 17th. Robert W. Baird boosted their target price on shares of Crown from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, May 1st. Citigroup reduced their target price on shares of Crown from $102.00 to $94.00 and set a buy rating on the stock in a research note on Monday, July 8th. Finally, Truist Financial restated a hold rating and issued a $88.00 target price (down previously from $100.00) on shares of Crown in a research note on Wednesday, March 27th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $96.77.

Crown Trading Down 0.2 %

Crown stock traded down $0.12 during trading hours on Monday, reaching $77.46. 1,417,040 shares of the company’s stock traded hands, compared to its average volume of 1,116,106. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.77 and a current ratio of 1.19. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $96.35. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 2.04 and a beta of 0.85. The firm’s 50 day moving average is $79.30 and its 200-day moving average is $80.38.

Crown (NYSE:CCK) last released its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (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 23.95%. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the company posted $1.20 EPS. The company’s revenue was down 6.4% compared to the same quarter last year. On average, analysts predict that Crown will post 5.97 earnings per share for the current year.

Crown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Insider Activity

In other Crown news, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total transaction of $746,370.00. Following the sale, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Crown news, Director James H. Miller sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $82.93, for a total transaction of $746,370.00. Following the sale, the director now directly owns 12,884 shares in the company, valued at approximately $1,068,470.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the sale, the chief executive officer now owns 608,678 shares in the company, valued at $51,737,630. The disclosure for this sale can be found here. Insiders sold a total of 39,000 shares of company stock valued at $3,300,420 in the last ninety days. 0.90% of the stock is 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.