Crown (NYSE:CCK) Issues Q4 Earnings Guidance

Crown (NYSE:CCK) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.45-1.55 for the period, compared to the consensus estimate of $1.52. Crown also updated its FY 2024 guidance to 6.250-6.350 EPS.

Crown Trading Up 4.2 %

Shares of Crown stock opened at $97.75 on Friday. Crown has a 12-month low of $69.61 and a 12-month high of $98.46. The firm’s 50 day simple moving average is $91.66 and its two-hundred day simple moving average is $84.36. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 2.19 and a beta of 0.86.

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

Crown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Thursday, August 15th. Crown’s dividend payout ratio is presently 28.82%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Crown from $95.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Loop Capital lifted their price objective on Crown from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their target price on Crown from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 price target on shares of Crown in a research report on Tuesday, September 24th. Finally, Wells Fargo & Company upped their price objective on Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crown has a consensus rating of “Moderate Buy” and a consensus target price of $102.69.

Insider Buying and Selling at Crown

In related news, Director James H. Miller sold 1,006 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total value of $96,173.60. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director James H. Miller sold 1,006 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $95.60, for a total transaction of $96,173.60. Following the completion of the transaction, the director now owns 12,424 shares of the company’s stock, valued at approximately $1,187,734.40. This trade represents a 0.00 % decrease in their position. The transaction 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 business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total value of $643,875.00. Following the completion of the sale, the chief executive officer now owns 586,178 shares in the company, valued at $50,323,381.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,506 shares of company stock worth $3,392,349 in the last ninety days. 0.90% of the stock is 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.