Crown (NYSE:CCK) Issues FY24 Earnings Guidance

Crown (NYSE:CCK) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $5.80-$6.20 for the period, compared to the consensus earnings per share estimate of $5.96. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Price Performance

Shares of CCK opened at $83.00 on Thursday. The firm has a 50-day simple moving average of $77.94 and a two-hundred day simple moving average of $82.62. 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 has a 1-year low of $69.61 and a 1-year high of $96.35. The stock has a market cap of $10.03 billion, a PE ratio of 23.92, a P/E/G ratio of 2.78 and a beta of 0.88.

Crown (NYSE:CCK) last issued its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. Crown had a return on equity of 23.95% and a net margin of 3.51%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The company’s revenue was down 6.4% on a year-over-year basis. As a group, analysts forecast that Crown will post 5.9 EPS for the current year.

Crown Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CCK shares. Loop Capital upped their price objective on Crown from $101.00 to $106.00 and gave the stock a buy rating in a research report on Wednesday. Royal Bank of Canada dropped their price target on shares of Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. Wells Fargo & Company raised their price objective on shares of Crown from $76.00 to $84.00 and gave the stock an equal weight rating in a report on Wednesday. Morgan Stanley assumed coverage on shares of Crown in a report on Monday, March 18th. They issued an equal weight rating and a $87.00 target price for the company. Finally, Wolfe Research began coverage on shares of Crown in a research note on Friday, March 1st. They set an outperform rating and a $102.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Crown has an average rating of Moderate Buy and a consensus price target of $99.29.

Insider Activity at Crown

In related news, CEO Timothy J. Donahue sold 22,500 shares of the stock in a transaction on Tuesday, April 30th. The stock was 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 of the company’s stock, valued at $52,486,042.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.90% of the stock is currently 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.