KeyCorp Brokers Reduce Earnings Estimates for Crown Holdings, Inc. (NYSE:CCK)

Crown Holdings, Inc. (NYSE:CCKGet Rating) – Analysts at KeyCorp cut their Q2 2022 earnings estimates for Crown in a research report issued on Wednesday, April 27th. KeyCorp analyst A. Josephson now expects that the industrial products company will post earnings per share of $2.08 for the quarter, down from their prior forecast of $2.13. KeyCorp also issued estimates for Crown’s Q3 2022 earnings at $2.05 EPS, Q4 2022 earnings at $1.99 EPS and FY2023 earnings at $8.60 EPS.

Several other equities research analysts also recently commented on the company. TheStreet downgraded Crown from a “b+” rating to a “c+” rating in a report on Friday, February 11th. Truist Financial raised their target price on Crown from $138.00 to $147.00 in a research report on Wednesday, January 12th. Citigroup raised their target price on Crown from $143.00 to $151.00 in a research report on Friday, April 8th. Mizuho dropped their target price on Crown from $131.00 to $126.00 in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Crown from $136.00 to $142.00 in a research report on Friday, February 11th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $142.83.

NYSE CCK opened at $111.12 on Friday. Crown has a one year low of $95.27 and a one year high of $130.42. The stock has a 50-day moving average of $122.15 and a 200 day moving average of $113.73. The company has a market capitalization of $13.73 billion, a price-to-earnings ratio of -23.95, a PEG ratio of 2.98 and a beta of 1.09. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.67 and a current ratio of 1.09.

Crown (NYSE:CCKGet Rating) last released its quarterly earnings data on Monday, April 25th. The industrial products company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.82 by $0.19. Crown had a positive return on equity of 37.44% and a negative net margin of 4.70%. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period last year, the company earned $1.83 EPS. Crown’s revenue for the quarter was up 23.3% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.79%. Crown’s dividend payout ratio (DPR) is currently -18.97%.

In other Crown news, insider Hock Huat Goh sold 2,030 shares of Crown stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $125.19, for a total value of $254,135.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John W. Conway sold 336 shares of the stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $123.54, for a total value of $41,509.44. The disclosure for this sale can be found here. Insiders sold 13,706 shares of company stock worth $1,684,110 in the last three months. Insiders own 1.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CCK. Marshall Wace LLP purchased a new stake in shares of Crown during the 1st quarter valued at about $321,000. First Trust Advisors LP raised its position in Crown by 2.5% in the 1st quarter. First Trust Advisors LP now owns 75,709 shares of the industrial products company’s stock worth $4,131,000 after purchasing an additional 1,844 shares during the period. Morgan Stanley raised its position in Crown by 28.0% in the 2nd quarter. Morgan Stanley now owns 753,803 shares of the industrial products company’s stock worth $77,046,000 after purchasing an additional 165,068 shares during the period. SG Americas Securities LLC purchased a new stake in Crown in the 3rd quarter worth about $115,000. Finally, Victory Capital Management Inc. raised its position in Crown by 53.8% in the 3rd quarter. Victory Capital Management Inc. now owns 92,209 shares of the industrial products company’s stock worth $9,293,000 after purchasing an additional 32,269 shares during the period. 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.

Further Reading

Earnings History and Estimates for Crown (NYSE:CCK)

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