Crown (NYSE:CCK) Updates FY24 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $6.25-6.35 for the period, compared to the consensus earnings per share estimate of $6.15. Crown also updated its FY 2024 guidance to 6.250-6.350 EPS.

Analysts Set New Price Targets

A number of analysts have commented on CCK shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 target price on shares of Crown in a report on Tuesday, September 24th. StockNews.com raised Crown from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Barclays increased their target price on Crown from $95.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Wells Fargo & Company boosted their target price on Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley increased their price target on shares of Crown from $92.00 to $105.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crown currently has an average rating of “Moderate Buy” and a consensus price target of $102.69.

Crown Price Performance

CCK stock opened at $97.75 on Friday. The stock has a market cap of $11.80 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86. The stock has a 50-day moving average price of $91.66 and a two-hundred day moving average price of $84.40. Crown has a 1 year low of $69.61 and a 1 year high of $98.46. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00.

Crown (NYSE:CCK) last posted its quarterly earnings data 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. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.06 billion. Crown had a return on equity of 23.96% and a net margin of 3.68%. Crown’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company earned $1.68 earnings per share. Equities analysts forecast that Crown will post 6.15 EPS for the current fiscal year.

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Thursday, August 15th. Crown’s dividend payout ratio is presently 28.82%.

Insider Buying and Selling

In other Crown news, CEO Timothy J. Donahue sold 15,000 shares of Crown stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total value of $1,275,450.00. Following the sale, the chief executive officer now directly owns 593,678 shares in the company, valued at approximately $50,480,440.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Timothy J. Donahue sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $85.03, for a total value of $1,275,450.00. Following the completion of the transaction, the chief executive officer now owns 593,678 shares in the company, valued at $50,480,440.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total value of $643,875.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,506 shares of company stock worth $3,392,349. 0.90% of the stock is owned by insiders.

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.