Crown (NYSE:CCK) Updates 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.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wolfe Research assumed coverage on Crown in a research note on Friday, March 1st. They issued an outperform rating and a $102.00 target price for the company. Robert W. Baird raised Crown from a neutral rating to an outperform rating and increased their price objective for the company from $85.00 to $90.00 in a research note on Tuesday, April 16th. Mizuho dropped their price objective on Crown from $105.00 to $96.00 and set a buy rating for the company in a research note on Tuesday, February 6th. JPMorgan Chase & Co. raised Crown from a neutral rating to an overweight rating and set a $85.00 price objective for the company in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company dropped their price objective on Crown from $78.00 to $76.00 and set an equal weight rating for the company in a research note on Thursday, April 11th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $99.21.

Crown Stock Performance

NYSE:CCK traded up $0.50 on Monday, hitting $81.09. The stock had a trading volume of 2,064,137 shares, compared to its average volume of 1,228,374. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. 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 business’s 50-day simple moving average is $77.43 and its two-hundred day simple moving average is $82.59. Crown has a 52-week low of $69.61 and a 52-week high of $96.35.

Crown (NYSE:CCK) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the previous year, the firm earned $1.20 EPS. The business’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, research analysts predict that Crown will post 5.9 earnings per share for the current year.

Crown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.25 dividend. The ex-dividend date of this dividend 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 payout ratio is currently 26.60%.

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.