Crown (NYSE:CCK) Updates Q2 2021 Earnings Guidance


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Crown (NYSE:CCK) issued an update on its second quarter 2021 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.700-1.800 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.650. The company issued revenue guidance of -.Crown also updated its FY 2021 guidance to 6.600-6.800 EPS.

CCK stock traded up $0.54 during trading hours on Tuesday, hitting $110.98. 14,726 shares of the stock were exchanged, compared to its average volume of 1,041,478. The company has a current ratio of 1.19, a quick ratio of 0.74 and a debt-to-equity ratio of 3.47. The firm has a market capitalization of $14.97 billion, a P/E ratio of 29.10, a P/E/G ratio of 2.99 and a beta of 1.14. The company has a 50-day simple moving average of $103.04 and a two-hundred day simple moving average of $97.22. Crown has a 12 month low of $55.85 and a 12 month high of $111.67.

Crown (NYSE:CCK) last released its earnings results on Sunday, April 18th. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.44. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.98 billion. Crown had a return on equity of 33.90% and a net margin of 4.52%. Crown’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.13 EPS. On average, equities research analysts predict that Crown will post 5.71 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Stockholders of record on Thursday, May 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend is Wednesday, May 5th. Crown’s dividend payout ratio (DPR) is currently 15.66%.

Crown announced that its board has initiated a stock repurchase program on Thursday, February 25th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 11.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Several analysts have recently issued reports on the company. Jefferies Financial Group increased their target price on Crown from $123.00 to $134.00 and gave the stock a buy rating in a report on Wednesday, April 21st. JPMorgan Chase & Co. increased their target price on Crown from $110.00 to $120.00 and gave the stock an overweight rating in a report on Wednesday, April 21st. They noted that the move was a valuation call. Wells Fargo & Company raised their price objective on Crown from $125.00 to $132.00 and gave the company an overweight rating in a research note on Thursday, April 22nd. They noted that the move was a valuation call. Citigroup raised their price objective on Crown from $117.00 to $125.00 and gave the company a buy rating in a research note on Thursday, February 11th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Crown from $120.00 to $136.00 and gave the company a buy rating in a research note on Tuesday, April 27th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $116.71.

In other Crown news, insider Hock Huat Goh sold 4,625 shares of the stock in a transaction dated Wednesday, April 28th. The stock was sold at an average price of $109.82, for a total value of $507,917.50. Following the completion of the transaction, the insider now directly owns 53,607 shares in the company, valued at $5,887,120.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Conway sold 334 shares of the stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $109.76, for a total value of $36,659.84. Following the completion of the transaction, the director now owns 1,031,377 shares of the company’s stock, valued at $113,203,939.52. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

About Crown

Crown Holdings, Inc designs, manufactures, and sells packaging products and equipment for consumer goods and industrial products in the Americas, Europe, and the Asia Pacific. It offers products for consumer goods, including steel and aluminum cans for food, beverage, household, and other consumer products; glass bottles for beverage product; and metal vacuum closures and steel crowns through its sales organization to the soft drink, food, citrus, brewing, household products, personal care, and various other industries.

Further Reading: Buy-Side Analysts

Earnings History and Estimates for Crown (NYSE:CCK)

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