Crown (NYSE:CCK) Updates Q2 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of 1.550-1.650 for the period, compared to the consensus EPS estimate of 1.560. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Trading Up 1.1 %

Shares of CCK opened at $83.00 on Thursday. The company has a 50 day simple moving average of $77.94 and a two-hundred day simple moving average of $82.62. Crown has a 1 year low of $69.61 and a 1 year high of $96.35. The firm has a market cap of $10.03 billion, a P/E ratio of 23.92, a price-to-earnings-growth ratio of 2.78 and a beta of 0.88. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.19 and a quick ratio of 0.77.

Crown (NYSE:CCK) last released its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.06. The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a return on equity of 23.95% and a net margin of 3.51%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. On average, equities analysts expect that Crown will post 5.9 earnings per share for the current fiscal year.

Crown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.25 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.00 annualized dividend and a yield of 1.20%. This is an increase from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CCK shares. Morgan Stanley started coverage on Crown in a report on Monday, March 18th. They set an equal weight rating and a $87.00 price objective for the company. Loop Capital lifted their price target on shares of Crown from $101.00 to $106.00 and gave the company a buy rating in a research note on Wednesday. Wolfe Research initiated coverage on Crown in a report on Friday, March 1st. They issued an outperform rating and a $102.00 price target for the company. UBS Group started coverage on Crown in a research note on Tuesday, January 16th. They set a buy rating and a $112.00 price target on the stock. Finally, Robert W. Baird raised their target price on shares of Crown from $90.00 to $100.00 and gave the company an outperform rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $99.29.

Insider Activity at Crown

In other news, CEO Timothy J. Donahue sold 22,500 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $85.18, for a total value of $1,916,550.00. Following the completion of the transaction, the chief executive officer now owns 616,178 shares of the company’s stock, valued at approximately $52,486,042.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.90% of the stock is currently 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.