Crown (NYSE:CCK) Releases Q4 Earnings Guidance

by · The Cerbat Gem

Crown (NYSE:CCK – Get Free Report) 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 FY24 guidance to $6.25-6.35 EPS.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CCK. UBS Group cut their target price on shares of Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Crown in a research report on Tuesday, September 24th. Citigroup lifted their target price on shares of Crown from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Barclays raised their price target on shares of Crown from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company boosted their target price on shares of Crown from $88.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.07.

Read Our Latest Stock Analysis on CCK

Crown Trading Down 0.2 %

Shares of NYSE:CCK traded down $0.21 during mid-day trading on Thursday, reaching $93.83. The stock had a trading volume of 1,177,156 shares, compared to its average volume of 1,126,074. The firm has a market cap of $11.33 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 2.19 and a beta of 0.86. The firm has a 50 day simple moving average of $91.26 and a two-hundred day simple moving average of $84.17. The company has a current ratio of 1.05, a quick ratio of 0.73 and a debt-to-equity ratio of 2.00. Crown has a twelve month low of $69.61 and a twelve month high of $96.74.

Crown (NYSE:CCK – Get Free Report) last posted its earnings results on Monday, July 22nd. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. The business 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%. Crown’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.68 EPS. On average, research analysts predict that Crown will post 6.15 EPS for the current fiscal year.

Crown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.07%. Crown’s dividend payout ratio is presently 28.82%.

Insider Activity at Crown

In other Crown news, Director James H. Miller sold 1,006 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $95.60, for a total transaction of $96,173.60. Following the completion of the sale, the director now owns 12,424 shares of the company’s stock, valued at $1,187,734.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Crown news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $85.85, for a total value of $643,875.00. Following the transaction, the chief executive officer now owns 586,178 shares in the company, valued at $50,323,381.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James H. Miller sold 1,006 shares of Crown stock in a transaction dated Monday, September 23rd. The shares were 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 owns 12,424 shares in the company, valued at approximately $1,187,734.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,506 shares of company stock valued at $3,392,349. 0.90% of the stock is owned by corporate insiders.

Crown Company Profile

(Get Free Report)

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.

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