Crown (NYSE:CCK) Updates Q1 Earnings Guidance

Crown (NYSE:CCKGet Free Report) updated its first quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.90-1.00 for the period, compared to the consensus earnings per share estimate of $1.43. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Crown Stock Performance

NYSE:CCK opened at $88.37 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.70 and a debt-to-equity ratio of 2.21. The firm has a 50-day moving average price of $90.11 and a two-hundred day moving average price of $87.79. Crown has a twelve month low of $75.61 and a twelve month high of $96.35. The company has a market capitalization of $10.66 billion, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 2.68 and a beta of 0.96.

Crown (NYSE:CCKGet Free Report) last issued its quarterly earnings results on Monday, February 5th. The industrial products company reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.19). The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Crown had a return on equity of 26.84% and a net margin of 4.17%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.17 earnings per share. As a group, research analysts expect that Crown will post 6.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CCK. Citigroup lifted their price target on shares of Crown from $103.00 to $105.00 and gave the stock a buy rating in a report on Wednesday, October 25th. TheStreet cut shares of Crown from a b- rating to a c+ rating in a research report on Wednesday, November 1st. Wells Fargo & Company decreased their target price on shares of Crown from $86.00 to $74.00 and set an equal weight rating on the stock in a research report on Thursday, October 19th. Jefferies Financial Group decreased their target price on shares of Crown from $123.00 to $122.00 and set a buy rating on the stock in a research report on Wednesday, October 18th. Finally, Mizuho raised their target price on shares of Crown from $96.00 to $105.00 and gave the stock a buy rating in a research report on Thursday, December 28th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $106.09.

Read Our Latest Research Report on CCK

Insider Buying and Selling

In related news, CEO Timothy J. Donahue sold 7,500 shares of Crown stock in a transaction on Monday, January 8th. The shares were sold at an average price of $90.96, for a total value of $682,200.00. Following the completion of the sale, the chief executive officer now owns 651,264 shares in the company, valued at $59,238,973.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Crown

Several institutional investors have recently modified their holdings of CCK. Nomura Holdings Inc. grew its position in shares of Crown by 202.1% during the first quarter. Nomura Holdings Inc. now owns 3,019,873 shares of the industrial products company’s stock worth $249,774,000 after acquiring an additional 2,020,200 shares during the last quarter. Norges Bank acquired a new stake in Crown in the fourth quarter worth about $123,506,000. State Street Corp lifted its holdings in Crown by 55.5% in the second quarter. State Street Corp now owns 3,709,202 shares of the industrial products company’s stock worth $322,218,000 after purchasing an additional 1,323,107 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Crown by 78.7% in the second quarter. Goldman Sachs Group Inc. now owns 1,429,818 shares of the industrial products company’s stock worth $131,787,000 after purchasing an additional 629,607 shares during the period. Finally, BlackRock Inc. lifted its holdings in Crown by 6.2% in the first quarter. BlackRock Inc. now owns 7,052,732 shares of the industrial products company’s stock worth $583,332,000 after purchasing an additional 410,225 shares during the period. Institutional investors own 95.18% of the company’s stock.

About Crown

(Get Free Report)

Crown Holdings, Inc, together with its subsidiaries, supplies rigid packaging products in Pennsylvania and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The Americas Beverage segment manufactures recyclable aluminum beverage cans and ends, glass bottles, steel crowns, and aluminum caps.

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Earnings History and Estimates for Crown (NYSE:CCK)

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