Zacks Research Weighs in on Crown Holdings, Inc.’s Q1 2024 Earnings (NYSE:CCK)

Crown Holdings, Inc. (NYSE:CCK) – Stock analysts at Zacks Research decreased their Q1 2024 EPS estimates for shares of Crown in a report released on Tuesday, April 2nd. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $0.96 per share for the quarter, down from their prior forecast of $0.99. The consensus estimate for Crown’s current full-year earnings is $5.91 per share. Zacks Research also issued estimates for Crown’s Q3 2024 earnings at $1.73 EPS, FY2024 earnings at $5.82 EPS, Q1 2025 earnings at $1.31 EPS, Q1 2026 earnings at $1.59 EPS and FY2026 earnings at $6.91 EPS.

Several other analysts have also recently commented on CCK. Mizuho lowered their target price on shares of Crown from $105.00 to $96.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. UBS Group assumed coverage on Crown in a report on Tuesday, January 16th. They issued a “buy” rating and a $112.00 price target for the company. Robert W. Baird reaffirmed a “neutral” rating and set a $90.00 price target on shares of Crown in a report on Tuesday, February 6th. Wells Fargo & Company lowered their target price on Crown from $93.00 to $78.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 7th. Finally, Morgan Stanley assumed coverage on Crown in a report on Monday, March 18th. They set an “equal weight” rating and a $87.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $99.36.

Crown Stock Performance

Shares of CCK opened at $77.49 on Wednesday. The company has a current ratio of 1.15, a quick ratio of 0.77 and a debt-to-equity ratio of 2.34. Crown has a 12-month low of $69.61 and a 12-month high of $96.35. The stock has a market cap of $9.36 billion, a P/E ratio of 20.61, a PEG ratio of 2.64 and a beta of 0.91. The company has a 50-day moving average of $78.29 and a two-hundred day moving average of $83.61.

Crown (NYSE:CCK) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.19). Crown had a return on equity of 25.75% and a net margin of 3.75%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The company’s revenue for the quarter was down 5.1% on a year-over-year basis.

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 issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from Crown’s previous quarterly dividend of $0.24. Crown’s dividend payout ratio is presently 26.60%.

Insider Buying and Selling at Crown

In related news, CEO Timothy J. Donahue sold 7,500 shares of the 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 transaction, the chief executive officer now owns 651,264 shares in the company, valued at $59,238,973.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Equitable Holdings Inc. boosted its position in Crown by 4.5% in the second quarter. Equitable Holdings Inc. now owns 2,681 shares of the industrial products company’s stock valued at $233,000 after buying an additional 116 shares in the last quarter. DB Fitzpatrick & Co Inc grew its stake in shares of Crown by 0.9% during the third quarter. DB Fitzpatrick & Co Inc now owns 16,258 shares of the industrial products company’s stock valued at $1,439,000 after purchasing an additional 142 shares during the last quarter. Picton Mahoney Asset Management raised its position in Crown by 14.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,181 shares of the industrial products company’s stock worth $109,000 after purchasing an additional 145 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in Crown by 5.3% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,057 shares of the industrial products company’s stock worth $282,000 after purchasing an additional 154 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Crown by 6.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,464 shares of the industrial products company’s stock valued at $227,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

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.