Crown (NYSE:CCK) Releases FY24 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $6.25-6.35 for the period, compared to the consensus estimate of $6.15. Crown also updated its Q4 guidance to $1.45-1.55 EPS.

Wall Street Analyst Weigh In

CCK has been the subject of a number of research reports. Citigroup raised their target price on shares of Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Loop Capital boosted their price objective on Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Bank of America lifted their price target on Crown from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Morgan Stanley upped their price objective on Crown from $92.00 to $105.00 and gave the company an “equal weight” rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company lifted their price objective on shares of Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.07.

Crown Price Performance

CCK stock traded down $0.20 during midday trading on Thursday, reaching $93.84. 1,390,384 shares of the stock were exchanged, compared to its average volume of 1,127,135. Crown has a 52 week low of $69.61 and a 52 week high of $96.74. The company has a fifty day moving average price of $91.26 and a 200 day moving average price of $84.17. The company has a debt-to-equity ratio of 2.00, a current ratio of 1.05 and a quick ratio of 0.73. The stock has a market capitalization of $11.33 billion, a PE ratio of 27.10, a P/E/G ratio of 2.19 and a beta of 0.86.

Crown (NYSE:CCK) last released its quarterly earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.22. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the previous year, the business posted $1.68 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, analysts expect that Crown will post 6.15 EPS for the current fiscal year.

Crown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.07%. The ex-dividend date was Thursday, August 15th. Crown’s dividend payout ratio is currently 28.82%.

Insider Buying and Selling at Crown

In related news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $85.85, for a total value of $643,875.00. Following the sale, the chief executive officer now directly owns 586,178 shares in the company, valued at $50,323,381.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total value of $643,875.00. Following the completion of the sale, the chief executive officer now directly owns 586,178 shares in the company, valued at approximately $50,323,381.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.60, for a total transaction of $96,173.60. Following the transaction, the director now owns 12,424 shares in the company, valued at $1,187,734.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,506 shares of company stock worth $3,392,349. 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.