Crown (NYSE:CCK) Updates Q1 2024 Earnings Guidance

Crown (NYSE:CCKGet Free Report) updated its first quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.900-1.000 for the period, compared to the consensus earnings per share estimate of 1.430. The company issued revenue guidance of -. Crown also updated its FY 2024 guidance to 5.800-6.200 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company cut their target price on Crown from $86.00 to $74.00 and set an equal weight rating on the stock in a research report on Thursday, October 19th. Barclays dropped their price target on Crown from $110.00 to $100.00 and set an overweight rating on the stock in a research note on Thursday, October 26th. TheStreet downgraded Crown from a b- rating to a c+ rating in a research note on Wednesday, November 1st. Mizuho upped their price target on Crown from $96.00 to $105.00 and gave the stock a buy rating in a research note on Thursday, December 28th. Finally, StockNews.com raised Crown from a sell rating to a hold rating in a research note on Tuesday, October 24th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $106.09.

Read Our Latest Report on CCK

Crown Stock Down 0.8 %

Shares of Crown stock traded down $0.67 on Monday, hitting $88.37. The company had a trading volume of 1,204,600 shares, compared to its average volume of 954,691. The stock has a market capitalization of $10.66 billion, a price-to-earnings ratio of 20.80, a P/E/G ratio of 2.68 and a beta of 0.96. Crown has a 1 year low of $75.61 and a 1 year high of $96.35. The stock has a 50 day moving average of $89.99 and a 200-day moving average of $87.81. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.70 and a current ratio of 1.13.

Crown (NYSE:CCKGet Free Report) last released its earnings results on Monday, February 5th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.19). The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.96 billion. Crown had a net margin of 4.17% and a return on equity of 26.84%. The business’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.17 earnings per share. As a group, sell-side analysts forecast that Crown will post 6.03 earnings per share for the current year.

Insider Activity

In other news, CEO Timothy J. Donahue sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $90.96, for a total value of $682,200.00. Following the completion of the transaction, the chief executive officer now directly owns 651,264 shares of the company’s stock, valued at $59,238,973.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crown

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

Crown Company Profile

(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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