Crown (NYSE:CCK) Updates Q2 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.55-$1.65 for the period, compared to the consensus earnings per share estimate of $1.56. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Stock Up 4.1 %

Crown stock traded up $3.35 during midday trading on Tuesday, hitting $84.44. 811,072 shares of the stock were exchanged, compared to its average volume of 1,221,381. 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 stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. Crown has a 52-week low of $69.61 and a 52-week high of $96.35. The business’s 50-day moving average price is $77.60 and its 200-day moving average price is $82.60.

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

Crown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Wednesday, March 13th. Crown’s dividend payout ratio (DPR) is presently 26.60%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CCK. Robert W. Baird upgraded Crown from a neutral rating to an outperform rating and upped their price target for the company from $85.00 to $90.00 in a research report on Tuesday, April 16th. JPMorgan Chase & Co. upgraded Crown from a neutral rating to an overweight rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 7th. Royal Bank of Canada cut their price objective on Crown from $110.00 to $97.00 and set an outperform rating for the company in a report on Thursday, February 8th. UBS Group began coverage on shares of Crown in a research note on Tuesday, January 16th. They issued a buy rating and a $112.00 price target for the company. Finally, 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 on the stock. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Crown has a consensus rating of Moderate Buy and an average price target 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.