Crown (NYSE:CCK) Issues FY24 Earnings Guidance

Crown (NYSE:CCK) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.25-6.35 for the period, compared to the consensus EPS estimate of $6.15. Crown also updated its FY 2024 guidance to 6.250-6.350 EPS.

Crown Stock Up 4.2 %

Shares of Crown stock opened at $97.75 on Friday. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. Crown has a 1 year low of $69.61 and a 1 year high of $98.46. The stock has a 50-day moving average price of $91.66 and a 200 day moving average price of $84.36. The company has a market cap of $11.80 billion, a P/E ratio of 28.17, a P/E/G ratio of 2.19 and a beta of 0.86.

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

Crown Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.02%. Crown’s dividend payout ratio is 28.82%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Loop Capital upped their target price on Crown from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group dropped their price objective on Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Crown in a research note on Tuesday, September 24th. Wells Fargo & Company raised their price target on shares of Crown from $88.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Morgan Stanley upped their price objective 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 investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $102.69.

Insider Transactions at Crown

In related news, Director James H. Miller sold 1,006 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director James H. Miller sold 1,006 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the sale, the director now directly owns 12,424 shares in the company, valued at approximately $1,187,734.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $93.00, for a total value of $697,500.00. Following the completion of the sale, the chief executive officer now owns 571,178 shares in the company, valued at $53,119,554. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders 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.