Crown (NYSE:CCK) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Crown (NYSE:CCK - Get Free Report) issued its earnings results on Monday. The industrial products company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.30, Zacks reports. Crown had a return on equity of 26.98% and a net margin of 4.62%.

Crown Stock Down 1.4%

Shares of NYSE:CCK traded down $1.52 on Monday, reaching $104.71. The company had a trading volume of 1,889,302 shares, compared to its average volume of 1,239,298. Crown has a twelve month low of $75.98 and a twelve month high of $109.48. The stock has a 50-day moving average price of $102.07 and a 200 day moving average price of $92.71. The stock has a market capitalization of $12.19 billion, a P/E ratio of 22.52, a P/E/G ratio of 1.73 and a beta of 0.76. The company has a quick ratio of 0.56, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.

Crown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th were given a $0.26 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.99%. Crown's dividend payout ratio is currently 22.37%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Royal Bank Of Canada increased their price target on Crown from $115.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Citigroup upped their price objective on Crown from $119.00 to $129.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. Truist Financial upped their price objective on Crown from $110.00 to $117.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Baird R W cut Crown from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Finally, UBS Group increased their price target on Crown from $114.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $119.45.

Insider Transactions at Crown

In other Crown news, VP Christy L. Kalaus sold 2,130 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $99.41, for a total value of $211,743.30. Following the sale, the vice president owned 4,500 shares of the company's stock, valued at $447,345. This trade represents a 32.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Gerard H. Gifford sold 7,000 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $97.00, for a total value of $679,000.00. Following the transaction, the chief operating officer owned 135,014 shares in the company, valued at $13,096,358. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its holdings in Crown by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 356 shares of the industrial products company's stock worth $32,000 after acquiring an additional 111 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Crown during the first quarter worth about $111,000. Integrated Wealth Concepts LLC lifted its holdings in Crown by 39.4% during the first quarter. Integrated Wealth Concepts LLC now owns 4,109 shares of the industrial products company's stock worth $367,000 after acquiring an additional 1,161 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Crown by 6.3% during the first quarter. NewEdge Advisors LLC now owns 5,917 shares of the industrial products company's stock worth $528,000 after acquiring an additional 351 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in shares of Crown by 30.8% in the 1st quarter. Focus Partners Wealth now owns 15,062 shares of the industrial products company's stock valued at $1,344,000 after purchasing an additional 3,550 shares during the period. 90.93% of the stock is currently owned by institutional investors.

Crown Company Profile

Crown Holdings, Inc, together with its subsidiaries, engages in the packaging business in the United States and internationally. It operates through Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging segments. The company manufactures and sells recyclable aluminum beverage cans and ends, glass bottles, steel crowns, aluminum caps, non-beverage cans, and aerosol cans and closures.

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