Crown (NYSE:CCK) Shares Gap Up After Earnings Beat

Crown Holdings, Inc. (NYSE:CCK - Get Free Report) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $81.09, but opened at $83.20. Crown shares last traded at $84.50, with a volume of 576,475 shares traded.

The industrial products company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.06. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.93 billion. Crown had a return on equity of 25.75% and a net margin of 3.75%. The business's revenue was down 6.4% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share.

Crown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.25 per share. This is an increase from Crown's previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Wednesday, March 13th. Crown's payout ratio is currently 26.60%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Crown from a "neutral" rating to an "overweight" rating and set a $85.00 price objective on the stock in a research report on Wednesday, February 7th. Morgan Stanley assumed coverage on Crown in a research note on Monday, March 18th. They set an "equal weight" rating and a $87.00 target price on the stock. Mizuho decreased their price objective on Crown from $105.00 to $96.00 and set a "buy" rating on the stock in a report on Tuesday, February 6th. Robert W. Baird raised Crown from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $85.00 to $90.00 in a report on Tuesday, April 16th. Finally, Wolfe Research started coverage on shares of Crown in a research note on Friday, March 1st. They issued an "outperform" rating and a $102.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.21.

Insider Activity

In other Crown news, CEO Timothy J. Donahue sold 22,500 shares of the business's stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $85.18, for a total transaction of $1,916,550.00. Following the sale, the chief executive officer now owns 616,178 shares of the company's stock, valued at $52,486,042.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.90% of the company's stock.

Institutional Investors Weigh In On Crown

Institutional investors have recently added to or reduced their stakes in the business. BluePath Capital Management LLC acquired a new stake in Crown during the third quarter worth approximately $25,000. Sound Income Strategies LLC bought a new stake in Crown during the fourth quarter worth $26,000. Rise Advisors LLC purchased a new stake in shares of Crown in the first quarter valued at about $27,000. Quest Partners LLC bought a new position in shares of Crown in the fourth quarter valued at approximately $34,000. Finally, Mather Group LLC. bought a new position in Crown in the 1st quarter valued at $32,000. 90.93% of the stock is owned by institutional investors.

Crown Price Performance

The company has a debt-to-equity ratio of 2.34, a current ratio of 1.15 and a quick ratio of 0.77. The business's fifty day moving average is $77.60 and its 200-day moving average is $82.60. The firm has a market cap of $9.91 billion, a PE ratio of 21.55, a P/E/G ratio of 2.73 and a beta of 0.91.

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.