Crown (NYSE:CCK) Issues FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 5.800-6.200 for the period, compared to the consensus estimate of 5.980. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Crown Stock Performance

Shares of Crown stock traded up $0.45 during trading hours on Monday, reaching $81.04. 2,064,152 shares of the stock traded hands, compared to its average volume of 1,228,374. 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 firm 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. The company has a 50 day moving average price of $77.43 and a 200 day moving average price of $82.59. Crown has a one year low of $69.61 and a one year high of $96.35.

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

Crown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 13th. This is a boost from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 1.23%. Crown’s dividend payout ratio (DPR) is currently 26.60%.

Wall Street Analyst Weigh In

CCK has been the topic of several research analyst reports. Truist Financial reissued a hold rating and issued a $88.00 target price (down previously from $100.00) on shares of Crown in a report on Wednesday, March 27th. Royal Bank of Canada decreased their price target on shares of Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. Robert W. Baird upgraded Crown from a neutral rating to an outperform rating and raised their price objective for the company from $85.00 to $90.00 in a research report on Tuesday, April 16th. Wolfe Research initiated coverage on Crown in a research report on Friday, March 1st. They issued an outperform rating and a $102.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded Crown from a neutral rating to an overweight rating and set a $85.00 price target for the company in a report on Wednesday, February 7th. Four equities 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, Crown currently has an average rating of Moderate Buy and a consensus target price of $99.21.

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.