Crown (NYSE:CCK) Issues FY24 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $5.80-$6.20 for the period, compared to the consensus estimate of $5.96. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Wall Street Analyst Weigh In

CCK has been the subject of several research reports. Wells Fargo & Company lowered their price target on shares of Crown from $78.00 to $76.00 and set an equal weight rating for the company in a research report on Thursday, April 11th. Truist Financial restated a hold rating and set a $88.00 price objective (down from $100.00) on shares of Crown in a research note on Wednesday, March 27th. Royal Bank of Canada cut their target price on Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. JPMorgan Chase & Co. raised shares of Crown from a neutral rating to an overweight rating and set a $85.00 price target for the company in a research report on Wednesday, February 7th. Finally, Wolfe Research began coverage on shares of Crown in a research report on Friday, March 1st. They issued an outperform rating and a $102.00 price objective on the stock. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $99.21.

Crown Price Performance

CCK traded up $3.35 during trading on Tuesday, hitting $84.44. The company’s stock had a trading volume of 811,072 shares, compared to its average volume of 1,221,381. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 2.73 and a beta of 0.91. Crown has a twelve month low of $69.61 and a twelve month high of $96.35. The business’s fifty day simple moving average is $77.60 and its 200 day simple moving average is $82.60. The company has a current ratio of 1.15, a quick ratio of 0.77 and a debt-to-equity ratio of 2.34.

Crown (NYSE:CCK) last issued its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, topping the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. On average, equities research analysts forecast that Crown will post 5.9 EPS for the current fiscal year.

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.25 dividend. The ex-dividend date was Wednesday, March 13th. This is a positive change from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. Crown’s dividend payout ratio (DPR) is currently 26.60%.

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.