Crown (NYSE:CCK) Releases Quarterly Earnings Results, Beats Estimates By $0.34 EPS

Crown (NYSE:CCK) released its quarterly earnings results on Monday. The industrial products company reported $2.49 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.34, FiscalAI reports. Crown had a net margin of 5.65% and a return on equity of 26.62%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.37 billion.

Crown Stock Performance

Shares of NYSE:CCK traded down $2.48 during midday trading on Monday, hitting $114.73. The company’s stock had a trading volume of 1,293,408 shares, compared to its average volume of 1,141,364. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.70 and a current ratio of 1.12. The stock’s 50 day simple moving average is $102.90 and its 200 day simple moving average is $104.72. The stock has a market capitalization of $12.82 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.96 and a beta of 0.60. Crown has a fifty-two week low of $89.21 and a fifty-two week high of $118.50.

Crown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 14th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 14th. Crown’s dividend payout ratio (DPR) is currently 22.29%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CCK. Weiss Ratings reiterated a “buy (b-)” rating on shares of Crown in a report on Wednesday, July 8th. Wells Fargo & Company boosted their price target on Crown from $109.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada upped their price target on Crown from $129.00 to $131.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Bank of America increased their price objective on Crown from $129.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, BMO Capital Markets initiated coverage on Crown in a report on Thursday. They issued an “outperform” rating and a $130.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $124.07.

Insider Buying and Selling at Crown

In related news, CEO Timothy J. Donahue sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $105.00, for a total transaction of $1,575,000.00. Following the completion of the sale, the chief executive officer owned 436,070 shares in the company, valued at $45,787,350. This represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new stake in shares of Crown in the third quarter valued at approximately $29,000. Geneos Wealth Management Inc. raised its stake in Crown by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 356 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 111 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Crown by 52.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 440 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 151 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Crown by 905.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 583 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 525 shares during the period. Finally, Advisory Services Network LLC bought a new stake in Crown in the 3rd quarter valued at $66,000. 90.93% of the stock is owned by institutional investors.

About Crown

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.