Crown (NYSE:CCK) Issues Q4 Earnings Guidance

Crown (NYSE:CCK) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.45-1.55 for the period, compared to the consensus earnings per share estimate of $1.52. Crown also updated its FY24 guidance to $6.25-6.35 EPS.

Crown Stock Down 0.2 %

Shares of CCK traded down $0.20 during midday trading on Thursday, hitting $93.84. 1,390,384 shares of the company’s stock traded hands, compared to its average volume of 1,127,135. Crown has a 1 year low of $69.61 and a 1 year high of $96.74. The firm’s fifty day moving average is $91.26 and its 200-day moving average is $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. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.22. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.06 billion. Crown had a return on equity of 23.96% and a net margin of 3.68%. The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.68 earnings per share. As a group, sell-side analysts anticipate that Crown will post 6.15 earnings per share for the current year.

Crown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Thursday, August 15th. Crown’s dividend payout ratio (DPR) is presently 28.82%.

Wall Street Analysts Forecast Growth

CCK has been the subject of a number of research reports. UBS Group dropped their price target on Crown from $112.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Truist Financial increased their price target on shares of Crown from $95.00 to $103.00 and gave the stock a “hold” rating in a report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 price objective on shares of Crown in a research note on Tuesday, September 24th. Citigroup upped their price target on shares of Crown from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Finally, Loop Capital boosted their price objective on Crown from $106.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.07.

Insider Buying and Selling

In other news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $85.85, for a total transaction of $643,875.00. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Timothy J. Donahue sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $85.03, for a total transaction of $1,275,450.00. Following the completion of the sale, the chief executive officer now owns 593,678 shares of the company’s stock, valued at approximately $50,480,440.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy J. Donahue sold 7,500 shares of the business’s stock in a transaction dated 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 directly owns 586,178 shares of the company’s stock, valued at approximately $50,323,381.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,506 shares of company stock worth $3,392,349 in the last quarter. Company insiders own 0.90% of the company’s stock.

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.