Crown (NYSE:CCK – Get Free Report) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 1.550-1.650 for the period, compared to the consensus earnings per share estimate of 1.560. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Robert W. Baird raised Crown from a neutral rating to an outperform rating and upped their price objective for the stock from $85.00 to $90.00 in a research report on Tuesday, April 16th. JPMorgan Chase & Co. raised shares of Crown from a neutral rating to an overweight rating and set a $85.00 price objective for the company in a research report on Wednesday, February 7th. Wolfe Research started coverage on shares of Crown in a research note on Friday, March 1st. They set an outperform rating and a $102.00 target price for the company. Wells Fargo & Company decreased their price target on Crown from $78.00 to $76.00 and set an equal weight rating for the company in a report on Thursday, April 11th. Finally, Mizuho lowered their target price on shares of Crown from $105.00 to $96.00 and set a buy rating for the company in a report on Tuesday, February 6th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $99.21.
Get Our Latest Research Report on CCK
Crown Stock Performance
Crown (NYSE:CCK – Get Free Report) last released its earnings results on Monday, April 29th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.06. Crown had a return on equity of 25.75% and a net margin of 3.75%. The company had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. Research analysts anticipate that Crown will post 5.9 earnings per share for the current fiscal year.
Crown Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. This is a boost from Crown’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 13th. Crown’s dividend 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.
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