Zacks: Brokerages Anticipate Crown Holdings, Inc. (NYSE:CCK) Will Post Quarterly Sales of $3.28 Billion

Brokerages forecast that Crown Holdings, Inc. (NYSE:CCK – Get Rating) will announce $3.28 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Crown’s earnings. The highest sales estimate is $3.45 billion and the lowest is $3.07 billion. Crown reported sales of $2.86 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 14.7%. The business is scheduled to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Crown will report full-year sales of $13.19 billion for the current fiscal year, with estimates ranging from $12.67 billion to $13.66 billion. For the next financial year, analysts expect that the company will report sales of $13.88 billion, with estimates ranging from $13.16 billion to $14.50 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Crown.

Crown (NYSE:CCK – Get Rating) last issued 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. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $2.94 billion. Crown had a positive return on equity of 39.60% and a negative net margin of 4.63%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.83 EPS.

Several equities research analysts have issued reports on the stock. TheStreet downgraded shares of Crown from a “b+” rating to a “c+” rating in a research report on Friday, February 11th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Crown from $136.00 to $142.00 in a research note on Friday, February 11th. Wells Fargo & Company boosted their target price on shares of Crown from $132.00 to $152.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 13th. Truist Financial boosted their price objective on shares of Crown from $138.00 to $147.00 in a research note on Wednesday, January 12th. Finally, StockNews.com assumed coverage on shares of Crown in a report on Thursday, March 31st. They issued a “hold” rating on the stock. 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.com, the company currently has a consensus rating of “Buy” and an average price target of $142.83.

In related news, Director John W. Conway sold 336 shares of the business’s stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of $123.54, for a total transaction of $41,509.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Hock Huat Goh sold 2,030 shares of the business’s stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $125.19, for a total transaction of $254,135.70. The disclosure for this sale can be found here. Insiders have sold 13,706 shares of company stock worth $1,684,110 in the last quarter. 1.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Riverview Trust Co purchased a new stake in Crown during the first quarter valued at approximately $27,000. First Horizon Advisors Inc. bought a new position in Crown during the third quarter valued at $29,000. Covestor Ltd bought a new stake in shares of Crown in the 4th quarter worth about $33,000. Meeder Asset Management Inc. lifted its holdings in shares of Crown by 187.6% in the 1st quarter. Meeder Asset Management Inc. now owns 302 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 197 shares during the last quarter. Finally, Raleigh Capital Management Inc. bought a new stake in Crown during the 4th quarter valued at about $55,000. Hedge funds and other institutional investors own 91.52% of the company’s stock.

Shares of NYSE CCK opened at $102.04 on Wednesday. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of -22.83, a PEG ratio of 2.59 and a beta of 1.11. The business has a 50-day moving average of $120.15 and a 200-day moving average of $114.06. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.99 and a quick ratio of 0.67. Crown has a fifty-two week low of $95.27 and a fifty-two week high of $130.42.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 26th. Investors of record on Thursday, May 12th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Wednesday, May 11th. Crown’s dividend payout ratio is currently -19.69%.

About Crown (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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