Crown (NYSE:CCK) Issues FY 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 6.250-6.350 for the period, compared to the consensus earnings per share estimate of 6.150. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $6.25-6.35 EPS.

Analysts Set New Price Targets

Several research firms recently commented on CCK. 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. Loop Capital lifted their target price on shares of Crown from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their price target 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. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Finally, Barclays upped their target price on Crown from $95.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $102.69.

Crown Stock Performance

Shares of NYSE CCK opened at $97.75 on Friday. The business’s 50-day simple moving average is $91.66 and its 200-day simple moving average is $84.40. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.73 and a current ratio of 1.05. Crown has a 52 week low of $69.61 and a 52 week high of $98.46. The firm has a market cap of $11.80 billion, a price-to-earnings ratio of 28.17, a P/E/G ratio of 2.19 and a beta of 0.86.

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 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 the consensus estimate of $3.06 billion. During the same quarter last year, the company posted $1.68 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts expect that Crown will post 6.15 earnings per share for the current fiscal year.

Crown Announces Dividend

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 $0.25 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a yield of 1.02%. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Insiders Place Their Bets

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