Crown Holdings, Inc. (NYSE:CCK) Plans $0.26 Quarterly Dividend

Crown Holdings, Inc. (NYSE:CCK) declared a quarterly dividend on Thursday, May 1st, RTT News reports. Stockholders of record on Thursday, May 15th will be paid a dividend of 0.26 per share by the industrial products company on Thursday, May 29th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, May 15th.

Crown has raised its dividend by an average of 7.7% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Crown has a dividend payout ratio of 13.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Crown to earn $7.62 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 13.6%.

Crown Price Performance

Shares of NYSE CCK opened at $97.90 on Tuesday. Crown has a twelve month low of $70.84 and a twelve month high of $99.44. The business’s 50 day moving average price is $89.06 and its two-hundred day moving average price is $88.31. The company has a quick ratio of 0.80, a current ratio of 1.22 and a debt-to-equity ratio of 1.88. The company has a market cap of $11.39 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.56 and a beta of 0.76.

Crown (NYSE:CCK) last released its quarterly earnings results on Monday, April 28th. The industrial products company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.45. Crown had a net margin of 3.59% and a return on equity of 25.12%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 3.7% on a year-over-year basis. On average, analysts predict that Crown will post 6.96 EPS for the current year.

Insiders Place Their Bets

In other Crown news, COO Gerard H. Gifford sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $97.00, for a total value of $679,000.00. Following the completion of the transaction, the chief operating officer now directly owns 135,014 shares in the company, valued at approximately $13,096,358. This represents a 4.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CCK. UBS Group increased their price objective on Crown from $109.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Morgan Stanley raised shares of Crown from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $109.00 to $105.00 in a research report on Monday, January 13th. Mizuho boosted their price objective on shares of Crown from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their price target on Crown from $89.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. Finally, Truist Financial cut their price objective on shares of Crown from $107.00 to $97.00 and set a “hold” rating for the company in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Crown currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.45.

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.