Crown Holdings, Inc. (NYSE:CCK) Expected to Post Earnings of $1.77 Per Share

Wall Street brokerages expect Crown Holdings, Inc. (NYSE:CCK) to post earnings per share of $1.77 for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Crown’s earnings, with the highest EPS estimate coming in at $1.88 and the lowest estimate coming in at $1.70. Crown reported earnings of $1.33 per share in the same quarter last year, which would indicate a positive year over year growth rate of 33.1%. The firm is expected to report its next quarterly earnings report on Monday, July 19th.

According to Zacks, analysts expect that Crown will report full year earnings of $6.85 per share for the current financial year, with EPS estimates ranging from $6.73 to $6.96. For the next financial year, analysts anticipate that the company will post earnings of $7.47 per share, with EPS estimates ranging from $7.05 to $7.90. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Crown.

Crown (NYSE:CCK) last issued its earnings results on Sunday, April 18th. The industrial products company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.44. Crown had a net margin of 4.52% and a return on equity of 33.90%. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same period in the prior year, the business posted $1.13 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year.

Several brokerages have issued reports on CCK. BMO Capital Markets upped their price target on shares of Crown from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, April 21st. JPMorgan Chase & Co. upped their price target on shares of Crown from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, April 21st. They noted that the move was a valuation call. The Goldman Sachs Group started coverage on shares of Crown in a research note on Thursday, April 15th. They set a “neutral” rating and a $108.00 price objective on the stock. Wells Fargo & Company upped their price objective on shares of Crown from $125.00 to $132.00 and gave the company an “overweight” rating in a research note on Thursday, April 22nd. They noted that the move was a valuation call. Finally, Morgan Stanley upped their price objective on shares of Crown from $122.00 to $129.00 and gave the company an “overweight” rating in a research note on Wednesday, April 28th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $116.71.

Shares of NYSE CCK traded up $0.54 on Thursday, hitting $110.98. The company’s stock had a trading volume of 14,726 shares, compared to its average volume of 1,041,478. Crown has a 12-month low of $55.85 and a 12-month high of $111.67. The company has a market capitalization of $14.97 billion, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14. The company has a debt-to-equity ratio of 3.47, a current ratio of 1.19 and a quick ratio of 0.74. The stock has a 50 day moving average of $103.04 and a 200-day moving average of $97.22.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 20th. Investors of record on Thursday, May 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.72%. The ex-dividend date is Wednesday, May 5th. Crown’s payout ratio is 15.66%.

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

In related news, insider Hock Huat Goh sold 4,625 shares of Crown stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $109.82, for a total value of $507,917.50. Following the sale, the insider now directly owns 53,607 shares in the company, valued at approximately $5,887,120.74. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John W. Conway sold 334 shares of Crown stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $109.76, for a total transaction of $36,659.84. Following the completion of the sale, the director now owns 1,031,377 shares in the company, valued at $113,203,939.52. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Graves Light Private Wealth Management Inc. acquired a new position in Crown during the 4th quarter valued at about $26,000. Penserra Capital Management LLC acquired a new position in Crown during the 4th quarter valued at about $28,000. Bessemer Group Inc. acquired a new position in Crown during the 4th quarter valued at about $32,000. Liberty Wealth Management LLC acquired a new position in Crown during the 4th quarter valued at about $33,000. Finally, Signaturefd LLC increased its stake in Crown by 108.5% during the 1st quarter. Signaturefd LLC now owns 367 shares of the industrial products company’s stock valued at $36,000 after buying an additional 191 shares during the period. Hedge funds and other institutional investors own 87.90% of the company’s stock.

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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Earnings History and Estimates for Crown (NYSE:CCK)

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