Crown (NYSE:CCK) Issues FY 2024 Earnings Guidance

Crown (NYSE:CCK) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 5.800-6.200 for the period, compared to the consensus EPS estimate of 5.980. The company issued revenue guidance of -. Crown also updated its FY24 guidance to $5.80-$6.20 EPS.

Analyst Ratings Changes

Several brokerages have recently issued reports on CCK. Royal Bank of Canada reduced their price objective on Crown from $110.00 to $97.00 and set an outperform rating for the company in a research report on Thursday, February 8th. Wolfe Research began coverage on Crown in a research report on Friday, March 1st. They set an outperform rating and a $102.00 price objective for the company. Morgan Stanley began coverage on Crown in a report on Monday, March 18th. They set an equal weight rating and a $87.00 target price on the stock. UBS Group began coverage on Crown in a report on Tuesday, January 16th. They set a buy rating and a $112.00 target price on the stock. Finally, JPMorgan Chase & Co. raised Crown from a neutral rating to an overweight rating and set a $85.00 target price on the stock in a report on Wednesday, February 7th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $99.21.

Crown Stock Up 0.6 %

NYSE:CCK traded up $0.50 during trading hours on Monday, reaching $81.09. The company’s stock had a trading volume of 2,064,137 shares, compared to its average volume of 1,228,374. The company has a market cap of $9.79 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 2.73 and a beta of 0.91. Crown has a one year low of $69.61 and a one year high of $96.35. The business’s 50-day moving average is $77.43 and its 200-day moving average is $82.59. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.15 and a quick ratio of 0.77.

Crown (NYSE:CCK) last released its 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 firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.93 billion. Crown had a net margin of 3.75% and a return on equity of 25.75%. The business’s revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. Equities research analysts predict that Crown will post 5.9 EPS for the current year.

Crown Increases Dividend

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