Crown (NYSE:CCK) Updates Q2 Earnings Guidance

Crown (NYSE:CCKGet Rating) updated its second quarter earnings guidance on Monday. The company provided earnings per share guidance of $2.00-2.10 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.06. Crown also updated its FY 2022 guidance to $8.000-$8.200 EPS.

A number of research firms have issued reports on CCK. StockNews.com began coverage on shares of Crown in a report on Thursday, March 31st. They set a hold rating for the company. Deutsche Bank Aktiengesellschaft upped their price target on shares of Crown from $136.00 to $142.00 in a report on Friday, February 11th. Zacks Investment Research cut shares of Crown from a buy rating to a hold rating and set a $127.00 price target for the company. in a report on Tuesday, April 12th. BMO Capital Markets upgraded shares of Crown from a market perform rating to an outperform rating and upped their price target for the company from $110.00 to $140.00 in a report on Thursday, February 10th. Finally, Citigroup upped their price target on shares of Crown from $143.00 to $151.00 in a report on Friday, April 8th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Crown has a consensus rating of Buy and a consensus price target of $143.08.

Shares of Crown stock traded down $2.75 during midday trading on Monday, reaching $116.61. The company had a trading volume of 1,172,837 shares, compared to its average volume of 1,194,514. The company has a current ratio of 1.09, a quick ratio of 0.67 and a debt-to-equity ratio of 2.60. The company has a market capitalization of $14.41 billion, a price-to-earnings ratio of -25.13, a price-to-earnings-growth ratio of 2.98 and a beta of 1.09. The stock has a fifty day simple moving average of $122.95 and a 200 day simple moving average of $113.76. Crown has a 1-year low of $95.27 and a 1-year high of $130.42.

Crown (NYSE:CCKGet Rating) last announced its quarterly earnings data on Monday, April 25th. The industrial products company reported $2.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.19. Crown had a negative net margin of 4.70% and a positive return on equity of 37.44%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same period last year, the firm earned $1.83 earnings per share. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. Sell-side analysts expect that Crown will post 8.18 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 24th. Stockholders of record on Thursday, March 10th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.75%. This is a boost from Crown’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, March 9th. Crown’s dividend payout ratio (DPR) is currently -18.97%.

In related news, Director John W. Conway sold 336 shares of the firm’s stock in a transaction on Thursday, February 17th. The shares were sold at an average price of $123.54, for a total transaction of $41,509.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Hock Huat Goh sold 5,717 shares of Crown stock in a transaction on Friday, March 4th. The shares were sold at an average price of $120.00, for a total transaction of $686,040.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,706 shares of company stock worth $1,684,110. Insiders own 1.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Penserra Capital Management LLC increased its stake in shares of Crown by 20.5% during the 4th quarter. Penserra Capital Management LLC now owns 577 shares of the industrial products company’s stock worth $63,000 after purchasing an additional 98 shares during the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Crown during the 4th quarter worth about $55,000. Comerica Bank increased its stake in shares of Crown by 5.6% during the 4th quarter. Comerica Bank now owns 16,568 shares of the industrial products company’s stock worth $1,777,000 after purchasing an additional 880 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Crown during the 4th quarter worth about $203,000. Finally, Forum Financial Management LP acquired a new position in shares of Crown during the 4th quarter worth about $231,000. Hedge funds and other institutional investors own 88.01% of the company’s stock.

Crown Company Profile (Get Rating)

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food and beverage industries. The company also provides products for industrial products, such as steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment to metals, food and beverage, construction, agricultural, corrugated, and general industries.

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Earnings History and Estimates for Crown (NYSE:CCK)

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