Crown (NYSE:CCK) Announces Earnings Results, Beats Estimates By $0.13 EPS

Key Points

• Crown exceeded quarterly expectations, reporting adjusted EPS of $2.39 versus the $2.26 consensus estimate and revenue of $3.71 billion versus expectations of $3.45 billion.
• The company paid a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 1.2% yield, with a payout ratio of 20.14%.
• Analysts remain broadly positive: 12 rate Crown as a Buy and five as a Hold, producing a consensus rating of “Moderate Buy” and an average price target of $127.67.

Crown (NYSE:CCK - Get Free Report) announced its earnings results on Monday. The industrial products company reported $2.39 EPS for the quarter, topping analysts' consensus estimates of $2.26 by $0.13, FiscalAI reports. The company had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.45 billion. Crown had a return on equity of 27.33% and a net margin of 5.91%.

Crown Price Performance

Shares of NYSE CCK traded up $0.73 during mid-day trading on Monday, reaching $114.88. The company's stock had a trading volume of 1,076,641 shares, compared to its average volume of 1,081,562. The firm has a market capitalization of $12.49 billion, a PE ratio of 16.53, a P/E/G ratio of 1.54 and a beta of 0.56. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.05 and a quick ratio of 0.65. The stock has a fifty day moving average of $113.05 and a two-hundred day moving average of $108.19. Crown has a 52 week low of $91.31 and a 52 week high of $122.91.

Crown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, August 6th. Crown's payout ratio is presently 20.14%.

Analysts Set New Price Targets

A number of brokerages have commented on CCK. Raymond James Financial upped their price target on Crown from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. BMO Capital Markets lifted their price objective on Crown from $130.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. upgraded Crown from a "neutral" rating to an "overweight" rating and set a $121.00 price objective for the company in a research note on Friday, September 18th. Jefferies Financial Group set a $121.00 price objective on Crown in a research note on Wednesday, July 22nd. Finally, Bank of America increased their target price on shares of Crown from $129.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $127.67.

Crown Company Profile

Crown Holdings, Inc NYSE: CCK is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown's products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.

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