Crown (NYSE:CCK) Releases Q2 Earnings Guidance

Crown (NYSE:CCK) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $1.70-1.80 for the period, compared to the Thomson Reuters consensus estimate of $1.66. Crown also updated its FY 2021
After-Hours guidance to 6.60-6.80 EPS.

Shares of CCK traded down $0.32 during trading hours on Monday, reaching $108.77. 1,262,148 shares of the stock traded hands, compared to its average volume of 1,045,935. The company has a current ratio of 1.19, a quick ratio of 0.74 and a debt-to-equity ratio of 3.47. Crown has a 52-week low of $55.85 and a 52-week high of $110.19. The company’s 50-day moving average price is $99.69 and its two-hundred day moving average price is $95.20. The company has a market cap of $14.67 billion, a P/E ratio of 28.47, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14.

Crown (NYSE:CCK) last released its earnings results on Monday, April 19th. The industrial products company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.44. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.98 billion. Crown had a net margin of 4.52% and a return on equity of 33.90%. Crown’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 EPS. On average, research analysts forecast that Crown will post 5.71 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 25th. Shareholders of record on Thursday, March 11th were issued a $0.20 dividend. The ex-dividend date was Wednesday, March 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.74%. Crown’s dividend payout ratio is currently 15.66%.

Crown announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 25th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 11.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

A number of research firms have recently weighed in on CCK. Zacks Investment Research downgraded shares of Crown from a buy rating to a hold rating and set a $103.00 target price on the stock. in a report on Tuesday, December 22nd. The Goldman Sachs Group started coverage on shares of Crown in a report on Thursday. They set a neutral rating and a $108.00 price target on the stock. Morgan Stanley upped their price target on shares of Crown from $114.00 to $122.00 and gave the company an overweight rating in a report on Friday, February 12th. Citigroup upped their price target on shares of Crown from $117.00 to $125.00 and gave the company a buy rating in a report on Thursday, February 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Crown from $104.00 to $112.00 and gave the company a buy rating in a report on Wednesday, January 20th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $111.77.

About Crown

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.

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