Crown (NYSE:CCK) Issues Q2 2024 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of 1.550-1.650 for the period, compared to the consensus EPS estimate of 1.560. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Price Performance

CCK stock traded up $0.45 during trading on Monday, hitting $81.04. 2,064,152 shares of the company’s stock traded hands, compared to its average volume of 1,228,374. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. Crown has a 52 week low of $69.61 and a 52 week high of $96.35. The business has a fifty day simple moving average of $77.43 and a 200 day simple moving average of $82.59. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of 21.65, a P/E/G ratio of 2.73 and a beta of 0.91.

Crown (NYSE:CCK) last issued its quarterly earnings data on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.93 billion. Crown had a return on equity of 25.75% and a net margin of 3.75%. The company’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, research analysts expect that Crown will post 5.9 EPS for the current fiscal year.

Crown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend was Wednesday, March 13th. This is a positive change from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio (DPR) is 26.60%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Crown from $78.00 to $76.00 and set an equal weight rating on the stock in a research report on Thursday, April 11th. Wolfe Research began coverage on Crown in a research report on Friday, March 1st. They issued an outperform rating and a $102.00 price objective on the stock. Morgan Stanley began coverage on shares of Crown in a research note on Monday, March 18th. They issued an equal weight rating and a $87.00 price target on the stock. Robert W. Baird upgraded shares of Crown from a neutral rating to an outperform rating and upped their target price for the stock from $85.00 to $90.00 in a research note on Tuesday, April 16th. Finally, Truist Financial reaffirmed a hold rating and set a $88.00 price target (down previously from $100.00) on shares of Crown in a research note on Wednesday, March 27th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Crown has a consensus rating of Moderate Buy and an average target price of $99.21.

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.