Crown (NYSE:CCK) Releases Earnings Results, Beats Expectations By $0.34 EPS

Crown (NYSE:CCK) issued its quarterly earnings data on Monday. The industrial products company reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.34, FiscalAI reports. Crown had a return on equity of 26.62% and a net margin of 5.65%.The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.37 billion.

Crown Stock Down 2.1%

Crown stock traded down $2.48 during midday trading on Monday, hitting $114.73. The stock had a trading volume of 1,293,408 shares, compared to its average volume of 1,141,364. Crown has a 12 month low of $89.21 and a 12 month high of $118.50. The business has a fifty day moving average price of $102.90 and a 200 day moving average price of $104.72. The company has a current ratio of 1.12, a quick ratio of 0.70 and a debt-to-equity ratio of 1.67. The stock has a market cap of $12.82 billion, a P/E ratio of 18.27, a P/E/G ratio of 1.96 and a beta of 0.60.

Crown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 14th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Thursday, May 14th. Crown’s dividend payout ratio (DPR) is 22.29%.

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $105.00, for a total transaction of $1,575,000.00. Following the completion of the transaction, the chief executive officer directly owned 436,070 shares in the company, valued at $45,787,350. This represents a 3.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crown

Several hedge funds and other institutional investors have recently made changes to their positions in CCK. Parallel Advisors LLC increased its position in Crown by 12.5% in the 4th quarter. Parallel Advisors LLC now owns 934 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 104 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Crown by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 356 shares of the industrial products company’s stock valued at $32,000 after buying an additional 111 shares during the last quarter. Siemens Fonds Invest GmbH grew its stake in shares of Crown by 7.7% in the 3rd quarter. Siemens Fonds Invest GmbH now owns 1,626 shares of the industrial products company’s stock valued at $157,000 after buying an additional 116 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Crown by 52.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 440 shares of the industrial products company’s stock valued at $46,000 after buying an additional 151 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in Crown by 5.2% in the second quarter. Evergreen Capital Management LLC now owns 3,345 shares of the industrial products company’s stock worth $344,000 after buying an additional 164 shares during the last quarter. 90.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCK has been the subject of a number of recent research reports. Bank of America raised their price objective on shares of Crown from $129.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Crown in a research report on Wednesday, July 8th. Wall Street Zen raised Crown from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. DA Davidson lowered their price target on Crown from $115.00 to $107.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Finally, BMO Capital Markets initiated coverage on shares of Crown in a research note on Thursday. They set an “outperform” rating and a $130.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $124.07.

Crown Company Profile

Crown Holdings, Inc is a leading global supplier of rigid packaging products for consumer goods markets. The company designs, manufactures and sells metal packaging for beverage, food, household, personal care and specialty products. Its portfolio includes aluminum and steel beverage cans, steel food cans, aluminum aerosols, metal closures and ends, offering customers end-to-end solutions from design and prototyping to large-scale production.

Founded in 1919 as the Crown Cork & Seal Company, Crown has grown through strategic acquisitions and investments in advanced manufacturing technologies.