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 guidance of $1.45-1.55 for the period, compared to the consensus earnings per share estimate of $1.52. Crown also updated its FY 2024 guidance to 6.250-6.350 EPS.

Crown Price Performance

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

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

Crown Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CCK. Barclays upped their target price on Crown from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Mizuho set a $110.00 price objective on shares of Crown in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and set a $105.00 target price on shares of Crown in a research report on Tuesday, September 24th. 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. Finally, UBS Group cut their price objective on Crown from $112.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.69.

Insider Activity

In related news, Director James H. Miller sold 1,006 shares of the stock in a transaction dated 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 directly owns 12,424 shares in the company, valued at approximately $1,187,734.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $93.00, for a total value of $697,500.00. Following the sale, the chief executive officer now directly owns 571,178 shares of the company’s stock, valued at approximately $53,119,554. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James H. Miller sold 1,006 shares of the company’s 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 directly 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 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 quarter. Company insiders own 0.90% of the company’s stock.

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.