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 $1.55-$1.65 for the period, compared to the consensus estimate of $1.56. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada lowered their target price on shares of Crown from $110.00 to $97.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. Morgan Stanley initiated coverage on shares of Crown in a research note on Monday, March 18th. They issued an equal weight rating and a $87.00 target price on the stock. Wells Fargo & Company decreased their price target on shares of Crown from $78.00 to $76.00 and set an equal weight rating on the stock in a research report on Thursday, April 11th. Wolfe Research initiated coverage on shares of Crown in a research report on Friday, March 1st. They issued an outperform rating and a $102.00 price target on the stock. Finally, Robert W. Baird upgraded shares of Crown from a neutral rating to an outperform rating and raised their price target for the stock from $85.00 to $90.00 in a research report on Tuesday, April 16th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $99.21.

Crown Price Performance

CCK stock traded up $0.50 during trading on Monday, hitting $81.09. 2,063,843 shares of the stock traded hands, compared to its average volume of 1,228,370. Crown has a one year low of $69.61 and a one year high of $96.35. The stock has a market cap 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. The company has a 50 day simple moving average of $77.43 and a 200 day simple moving average of $82.59. The company has a current ratio of 1.15, a quick ratio of 0.77 and a debt-to-equity ratio of 2.34.

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

Crown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This is an increase from Crown’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.23%. Crown’s payout ratio is currently 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.