Crown (NYSE:CCK) Shares Gap Up on Better-Than-Expected Earnings

Crown Holdings, Inc. (NYSE:CCK - Get Free Report)'s stock price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $89.78, but opened at $94.11. Crown shares last traded at $96.43, with a volume of 236,095 shares.

The industrial products company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.22 by $0.45. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.82 billion. Crown had a return on equity of 25.12% and a net margin of 3.59%. The firm's revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 earnings per share.

Crown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.08%. Crown's payout ratio is currently 29.21%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CCK. Truist Financial lowered their price target on Crown from $107.00 to $97.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. Mizuho boosted their target price on Crown from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Tuesday. Royal Bank of Canada increased their price target on Crown from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Thursday. Bank of America dropped their price objective on shares of Crown from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Citigroup lifted their target price on shares of Crown from $110.00 to $111.00 and gave the company a "buy" rating in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.75.

Institutional Investors Weigh In On Crown

Several hedge funds have recently made changes to their positions in CCK. Nisa Investment Advisors LLC raised its holdings in shares of Crown by 4.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,858 shares of the industrial products company's stock worth $256,000 after purchasing an additional 115 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Crown by 20.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 702 shares of the industrial products company's stock valued at $57,000 after acquiring an additional 117 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Crown by 4.6% in the 4th quarter. TD Private Client Wealth LLC now owns 2,864 shares of the industrial products company's stock worth $237,000 after acquiring an additional 125 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Crown by 16.2% during the fourth quarter. Spire Wealth Management now owns 992 shares of the industrial products company's stock valued at $82,000 after purchasing an additional 138 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Crown by 0.4% in the 4th quarter. Bessemer Group Inc. now owns 34,061 shares of the industrial products company's stock valued at $2,816,000 after purchasing an additional 138 shares during the period. Institutional investors and hedge funds own 90.93% of the company's stock.

Crown Price Performance

The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.80 and a current ratio of 1.22. The stock has a market cap of $11.25 billion, a PE ratio of 27.01, a PEG ratio of 1.56 and a beta of 0.79. The stock has a 50 day moving average of $87.75 and a two-hundred day moving average of $88.31.

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.