Crown (NYSE:CCK) Releases FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 5.800-6.200 for the period, compared to the consensus estimate of 5.980. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Wall Street Analyst Weigh In

CCK has been the topic of several research analyst reports. Mizuho reduced their target price on Crown from $105.00 to $96.00 and set a buy rating on the stock in a research note on Tuesday, February 6th. JPMorgan Chase & Co. raised shares of Crown from a neutral rating to an overweight rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 7th. Wells Fargo & Company dropped their target price 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 reiterated a hold rating and set a $88.00 price target (down previously from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Finally, Robert W. Baird upgraded shares of Crown from a neutral rating to an outperform rating and raised their price objective for the stock from $85.00 to $90.00 in a report on Tuesday, April 16th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $99.21.

Crown Stock Up 3.2 %

Shares of NYSE:CCK traded up $2.57 during trading on Tuesday, reaching $83.66. 945,970 shares of the stock traded hands, compared to its average volume of 1,224,566. Crown has a 52-week low of $69.61 and a 52-week high of $96.35. The stock has a 50-day moving average of $77.60 and a two-hundred day moving average of $82.60. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The stock has a market cap of $10.11 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91.

Crown (NYSE:CCK) last announced its quarterly earnings results on Monday, April 29th. The industrial products company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.06. The firm 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 business’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, sell-side analysts expect that Crown will post 5.9 earnings per share for the current fiscal year.

Crown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.25 dividend. This is an increase from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Wednesday, March 13th. Crown’s dividend payout ratio (DPR) is 26.60%.

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.