Crown (NYSE:CCK) Issues Q2 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $1.55-$1.65 for the period, compared to the consensus EPS estimate of $1.56. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CCK. Truist Financial restated a hold rating and set a $88.00 price target (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. UBS Group assumed coverage on shares of Crown in a research note on Tuesday, January 16th. They set a buy rating and a $112.00 target price for the company. Wolfe Research assumed coverage on shares of Crown in a research note on Friday, March 1st. They set an outperform rating and a $102.00 target price for the company. Wells Fargo & Company cut their target price on shares of Crown from $78.00 to $76.00 and set an equal weight rating for the company in a research note on Thursday, April 11th. Finally, Morgan Stanley initiated coverage on shares of Crown in a research note on Monday, March 18th. They set an equal weight rating and a $87.00 target price for the company. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $99.21.

Crown Price Performance

NYSE:CCK traded up $0.45 during mid-day trading on Monday, reaching $81.04. 2,064,152 shares of the company were exchanged, compared to its average volume of 1,228,374. Crown has a 12 month low of $69.61 and a 12 month high of $96.35. The company has a fifty day moving average of $77.43 and a 200 day moving average of $82.59. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. The stock has a market cap of $9.79 billion, a PE ratio of 21.65, a PEG ratio of 2.73 and a beta of 0.91.

Crown (NYSE:CCK) last issued its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.06. The company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. On average, research analysts anticipate that Crown will post 5.9 EPS for the current fiscal year.

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid 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%.

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.