Crown (NYSE:CCK) Releases FY24 Earnings Guidance

Crown (NYSE:CCK) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $6.00-6.25 for the period, compared to the consensus earnings per share estimate of $5.97. Crown also updated its FY 2024 guidance to 6.000-6.250 EPS.

Crown Price Performance

NYSE:CCK opened at $84.99 on Thursday. The business’s 50-day moving average is $79.16 and its 200 day moving average is $80.24. Crown has a 12 month low of $69.61 and a 12 month high of $96.35. The company has a market capitalization of $10.26 billion, a P/E ratio of 24.49, a P/E/G ratio of 2.20 and a beta of 0.85. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26.

Crown (NYSE:CCK) last announced its earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.22. Crown had a net margin of 3.68% and a return on equity of 24.18%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the prior year, the company earned $1.68 EPS. The business’s revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Crown will post 6.02 earnings per share for the current fiscal year.

Crown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Thursday, June 13th. Crown’s dividend payout ratio (DPR) is 28.82%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Crown from a hold rating to a buy rating in a research report on Wednesday. Bank of America raised their price target on shares of Crown from $98.00 to $102.00 and gave the stock a buy rating in a research note on Wednesday. Barclays boosted their price objective on shares of Crown from $95.00 to $100.00 and gave the company an overweight rating in a research report on Wednesday. Loop Capital lifted their price target on shares of Crown from $106.00 to $120.00 and gave the company a buy rating in a research note on Wednesday. Finally, Robert W. Baird boosted their price target on Crown from $90.00 to $100.00 and gave the company an outperform rating in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $99.21.

Insider Transactions at Crown

In other news, CEO Timothy J. Donahue sold 7,500 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total value of $637,500.00. Following the completion of the sale, the chief executive officer now owns 608,678 shares of the company’s stock, valued at approximately $51,737,630. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crown news, CEO Timothy J. Donahue sold 22,500 shares of Crown stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the completion of the sale, the chief executive officer now directly owns 616,178 shares in the company, valued at approximately $52,486,042.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $85.00, for a total transaction of $637,500.00. Following the completion of the sale, the chief executive officer now owns 608,678 shares in the company, valued at approximately $51,737,630. The disclosure for this sale can be found here. Insiders have sold a total of 54,000 shares of company stock valued at $4,575,870 in the last 90 days. Insiders own 0.90% of the company’s stock.

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.