Crown (NYSE:CCK) Updates Q2 2024 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CCK. UBS Group assumed coverage on Crown in a report on Tuesday, January 16th. They issued a buy rating and a $112.00 target price on the stock. Morgan Stanley started coverage on Crown in a research report on Monday, March 18th. They issued an equal weight rating and a $87.00 price objective for the company. Wolfe Research started coverage on Crown in a research note on Friday, March 1st. They set an outperform rating and a $102.00 price target for the company. Robert W. Baird upgraded Crown from a neutral rating to an outperform rating and lifted their price target for the company from $85.00 to $90.00 in a research note on Tuesday, April 16th. Finally, Royal Bank of Canada cut their target price on Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crown presently has a consensus rating of Moderate Buy and an average price target of $99.21.

Crown Stock Up 0.6 %

CCK traded up $0.50 on Monday, hitting $81.09. The company had a trading volume of 2,064,137 shares, compared to its average volume of 1,228,374. The stock has a fifty day moving average price of $77.43 and a 200-day moving average price of $82.59. Crown has a 12-month low of $69.61 and a 12-month high of $96.35. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.77 and a current ratio of 1.15. The stock 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.

Crown (NYSE:CCK) last issued 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. 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 analyst estimates of $2.93 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Crown’s revenue for the quarter was down 6.4% on a year-over-year basis. Analysts predict that Crown will post 5.9 EPS for the current fiscal year.

Crown Increases Dividend

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