Crown (NYSE:CCK) Updates Q4 Earnings Guidance

Crown (NYSE:CCK) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.45-1.55 for the period, compared to the consensus estimate of $1.52. Crown also updated its FY 2024 guidance to 6.250-6.350 EPS.

Analyst Ratings Changes

A number of research analysts have weighed in on CCK shares. Bank of America lifted their price target on shares of Crown from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Truist Financial lifted their target price on shares of Crown from $95.00 to $103.00 and gave the company a “hold” rating in a report on Tuesday, October 15th. UBS Group lowered their price target on Crown from $112.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Citigroup raised their price objective on Crown from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. 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 equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.69.

Crown Price Performance

CCK stock opened at $97.75 on Friday. The company has a market capitalization of $11.80 billion, a PE ratio of 28.17, a P/E/G ratio of 2.19 and a beta of 0.86. The company has a quick ratio of 0.73, a current ratio of 1.05 and a debt-to-equity ratio of 2.00. The stock’s 50 day moving average is $91.66 and its two-hundred day moving average is $84.40. Crown has a 52-week low of $69.61 and a 52-week high of $98.46.

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

Crown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. Crown’s dividend payout ratio (DPR) is 28.82%.

Insider Activity at Crown

In other Crown 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 transaction, the director now owns 12,424 shares of the company’s stock, valued at $1,187,734.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director James H. Miller sold 1,006 shares of the firm’s 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 transaction, the director now directly owns 12,424 shares in the company, valued at approximately $1,187,734.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total transaction of $643,875.00. Following the sale, the chief executive officer now directly owns 586,178 shares of the company’s stock, valued at approximately $50,323,381.30. This represents a 0.00 % decrease in their position. 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 over the last three months. 0.90% of the stock is owned by insiders.

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.