Crown (NYSE:CCK) Issues FY24 Earnings Guidance

Crown (NYSE:CCK) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $5.80-$6.20 for the period, compared to the consensus EPS estimate of $5.96. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CCK shares. UBS Group assumed coverage on shares of Crown in a research note on Tuesday, January 16th. They issued a buy rating and a $112.00 price objective on the stock. Mizuho dropped their price objective on Crown from $105.00 to $96.00 and set a buy rating for the company in a report on Tuesday, February 6th. Wolfe Research initiated coverage on Crown in a report on Friday, March 1st. They issued an outperform rating and a $102.00 target price on the stock. Robert W. Baird upgraded Crown from a neutral rating to an outperform rating and upped their price target for the stock from $85.00 to $90.00 in a research note on Tuesday, April 16th. Finally, Wells Fargo & Company decreased their target price on Crown from $78.00 to $76.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $99.21.

Crown Stock Performance

Shares of NYSE:CCK traded up $3.35 on Tuesday, reaching $84.44. 811,072 shares of the company’s stock were exchanged, compared to its average volume of 1,221,381. The business’s 50-day moving average is $77.60 and its two-hundred day moving average is $82.60. The company has a quick ratio of 0.77, a current ratio of 1.15 and a debt-to-equity ratio of 2.34. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $96.35. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 21.55, a PEG ratio of 2.73 and a beta of 0.91.

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

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.00 annualized dividend and a yield of 1.18%. This is an increase from Crown’s previous quarterly dividend of $0.24. Crown’s payout ratio is presently 26.60%.

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.