Crown (NYSE:CCK) Releases FY 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Truist Financial restated a hold rating and set a $88.00 price target (down from $100.00) on shares of Crown in a research report on Wednesday, March 27th. Morgan Stanley assumed coverage on shares of Crown in a research note on Monday, March 18th. They set an equal weight rating and a $87.00 price objective for the company. Robert W. Baird raised Crown from a neutral rating to an outperform rating and upped their price target for the company from $85.00 to $90.00 in a research report on Tuesday, April 16th. UBS Group started coverage on shares of Crown in a research note on Tuesday, January 16th. They set a buy rating and a $112.00 target price for the company. Finally, Royal Bank of Canada lowered their price target on Crown from $110.00 to $97.00 and set an outperform rating for the company in a research note on Thursday, February 8th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Crown presently has an average rating of Moderate Buy and a consensus target price of $99.21.

Crown Stock Performance

NYSE CCK traded up $2.57 during trading on Tuesday, reaching $83.66. 945,970 shares of the company’s stock were exchanged, compared to its average volume of 1,224,566. Crown has a fifty-two week low of $69.61 and a fifty-two week high of $96.35. The stock has a market capitalization of $10.11 billion, a P/E ratio of 21.55, a PEG ratio of 2.73 and a beta of 0.91. The business has a 50 day moving average price of $77.60 and a 200-day moving average price of $82.60. 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 issued its quarterly earnings data 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 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 business posted $1.20 earnings per share. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. Sell-side analysts forecast that Crown will post 5.9 earnings per share for the current fiscal year.

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost 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.