Crown (NYSE:CCK) Issues Q2 2024 Earnings Guidance

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

Crown Stock Performance

Shares of CCK stock traded up $0.45 on Monday, hitting $81.04. The company’s stock had a trading volume of 2,064,152 shares, compared to its average volume of 1,228,374. The stock’s 50 day moving average is $77.43 and its 200-day moving average is $82.59. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $96.35. The company has a market capitalization of $9.79 billion, a PE ratio of 21.65, a PEG ratio of 2.73 and a beta of 0.91. 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 (NYSE:CCK) last released its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.06. Crown had a return on equity of 25.75% and a net margin of 3.75%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the company posted $1.20 EPS. The company’s revenue was down 6.4% compared to the same quarter last year. Equities research analysts expect that Crown will post 5.9 earnings per share for the current fiscal year.

Crown Increases Dividend

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

Analyst Ratings Changes

Several brokerages have commented on CCK. Royal Bank of Canada lowered their price objective on shares of Crown from $110.00 to $97.00 and set an outperform rating for the company in a research report on Thursday, February 8th. JPMorgan Chase & Co. upgraded shares of Crown from a neutral rating to an overweight rating and set a $85.00 target price on the stock in a research report on Wednesday, February 7th. Truist Financial reiterated a hold rating and set a $88.00 price target (down from $100.00) on shares of Crown in a report on Wednesday, March 27th. Wells Fargo & Company lowered their target price on Crown from $78.00 to $76.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Finally, UBS Group began coverage on shares of Crown in a research note on Tuesday, January 16th. They set a buy rating and a $112.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Crown presently has a consensus rating of Moderate Buy and an average price target 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.