Crown Holdings (NYSE:CCK) Stock, Quote.Headers.trade-ideas

Crown Holdings

Crown Holdings is one of the world's largest producers of metal packaging. The company manufactures beverage cans, metal food cans, and closures as well as aerosol cans. With the purchase of Signode, the company also has a presence in a wide variety of protective transport packaging. Although it's headquartered in the United States, the vast majority of Crown's sales come from its operations in Europe, South America, and Southeast Asia.

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Applied Industrial Technologies, Inc. (NYSE: AIT) is scheduled to release fourth-quarter fiscal 2024 (ended June 2024) results on Aug 15, before market open.

What&#39;s in Store for Applied Industrial in Q4 Earnings?

Penny Stocks

Small Cap

BWEN

Broadwind, Inc. (NASDAQ: BWEN) is expected to release second-quarter 2024 results on Aug 13, after market close.

Broadwind Gears Up to Report Q2 Earnings: What to Expect

MIDD

The Middleby Corporation (NASDAQ: MIDD) reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales.

Middleby Q2 Earnings Beat Estimates, Sales Down Y/Y

Crown Holdings Inc

Morgan Stanley analyst Pamela Kaufman maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Equal-Weight and raises the price target from $92 to $105.

Price Target

Morgan Stanley Maintains Equal-Weight on Crown Holdings, Raises Price Target to $105

Applied Industrial Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ait#NYSE">AIT</a>) is scheduled to release fourth-quarter fiscal 2024 (ended June 2024) results on Aug 15, before market open.
The Zacks Consensus Estimate for fiscal fourth-quarter earnings has been unchanged in the past 60 days. The company has an impressive earnings surprise history, having beat the consensus estimate in each of the preceding four quarters, the average surprise being 8.2%.
The consensus estimate for revenues is pegged at $1.19 billion, indicating an increase of 2.5% from the year-ago quarter&#39;s reported figure. The consensus estimate for adjusted earnings is pinned at $2.52 per share, suggesting an increase of 7.2% from the year-ago quarter&#39;s reported figure.
Let&#39;s see how things have shaped up for AIT this earnings season.
<h3>Factors to Note</h3>
A strong market position, sales initiatives and growth across national customer accounts are likely to have supported the Service Center Based Distribution segment. The increase in demand for technical MRO support and fluid power MRO services across the U.S. manufacturing sector, driven by growing digitization and higher investment in maintenance operations, is likely to have aided the segment&#39;s revenues. We expect the segment&#39;s revenues to be $812.4 million, implying an increase of 3.9% from the year-ago number.
Focus on improving the product line, value-added services and initiatives to drive operational excellence are expected to have driven AIT&#39;s top line. Also, the company&#39;s investments to expand automation, industrial Internet of Things and digital offerings like smart vision and mobile robots are likely to have been advantageous.
The September 2023 acquisition of Bearing Distributors and Cangro, which enhanced AIT&#39;s footprint and strategic growth initiatives across the U.S. Southeast and upper Northeast region, is expected to have bolstered its top-line performance. We expect the company&#39;s total revenues to be $1.2 billion, indicating an increase of 2.9% from the year-ago reported figure. Adjusted earnings are expected to be $2.54 per share, indicating a 7.9% increase from the year-ago quarter&#39;s reported number.
However, AIT is expected to have put up a weak show across the Engineered Solutions segment due to a decrease in demand across the OEM channel as a result of the reduced shipment of off-highway mobile and fluid power components.
Rising selling, distribution and administrative expenses, due to higher deferred compensation costs, are likely to have dented Applied Industrial&#39;s bottom line. Also, rising costs of sales, due to an increase in raw material and labor costs, are expected to hurt the company&#39;s results.
<div class="chart_embed">
<h3>Applied Industrial Technologies, Inc. Price and EPS Surprise</h3>
<h3><img alt="Applied Industrial Technologies, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/e2/1723646445.png" style="height:263px; width:545px" title="" /></h3>
Applied Industrial Technologies, Inc. price-eps-surprise | Applied Industrial Technologies, Inc. Quote
</div>
<h3>Earnings Whispers</h3>
Our proven model does not conclusively predict an earnings beat for AIT this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as elaborated below.
Earnings ESP: Applied Industrial has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $2.52.
Zacks Rank: Applied Industrial presently carries a Zacks Rank of 2.
<h3>Performances of Other Industrial Companies</h3>
Pentair plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnr#NYSE">PNR</a>) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.&nbsp;
Net sales rose 1.6% year over year to $1.1 billion. PNR&#39;s top line outpaced the Zacks Consensus Estimate of $1.09 billion.
Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
A. O. Smith Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aos#NYSE">AOS</a>) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net sales of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by the strong demand for residential and commercial water heaters in North America.
<a href="https://www.zacks.com/stock/news/2322188/what-s-in-store-for-applied-industrial-ait-in-q4-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2322188">To read this article on Zacks.com click here.</a>

What's in Store for Applied Industrial in Q4 Earnings?

Broadwind, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bwen#NASDAQ">BWEN</a>) is expected to release second-quarter 2024 results on Aug 13, after market close.
The company&#39;s earnings beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 95.5%. In the last reported quarter, its earnings of 7 cents per share surpassed the Zacks Consensus Estimate of a loss of 7 cents per share by 200%.
Let&#39;s see how things have shaped up for Broadwind this earnings season.
<h3>Factors Likely to Influence Results</h3>
The Industrial Solutions segment is expected to witness higher revenues on the back of increased gas turbine projects and rising shipments of new and aftermarket gas turbine content. Also, global electricity demand growth has been aiding the segment.
Broadwind&#39;s second-quarter performance is likely to have been aided by an increased order level, driven by strong activity levels from the natural gas turbine market. The company&#39;s focus on expanding its portfolio of industrial fabrications to include new products and increased customer interest from the defense industry are expected to have driven its revenues.
Broadwind has been taking actions to align its cost structure with the current demand environment, which is likely to have aided its margin performance.
However, decreasing demand for wind towers is likely to have impacted the Heavy Fabrications segment&#39;s performance. Reduced shipments for industrial, mining and O&amp;G customers are likely to affect the Gearing segment&#39;s results.
BWEN has considerable exposure to overseas markets. Given its substantial international operations, foreign currency headwinds are likely to have marred its profitability.
The consensus estimate for revenues is pegged at $37 million, indicating a decrease of 26.9% from the year-ago quarter&#39;s number. The consensus estimate for earnings is pegged at breakeven, indicating a decline from earnings of 7 cents per share in the year-earlier quarter.
<div class="chart_embed">
<h3>Broadwind Energy, Inc. Price and EPS Surprise</h3>
<h3><img alt="Broadwind Energy, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/06/1723214606.png" style="height:263px; width:531px" title="" /></h3>
Broadwind Energy, Inc. price-eps-surprise | Broadwind Energy, Inc. Quote
</div>
<h3>Earnings Whispers</h3>
Our proven model does not conclusively predict an earnings beat for BWEN this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as elaborated below.
Earnings ESP: BWEN has an Earnings ESP of 0.00% as both the Most Accurate Estimate and Zacks Consensus Estimate are pegged at breakeven.
Zacks Rank: BWEN presently carries a Zacks Rank of 3.
<h3>Performance of Other Industrial Companies</h3>
Pentair plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnr#NYSE">PNR</a>) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net sales rose 1.6% year over year to $1.1 billion. PNR&#39;s top line outpaced the Zacks Consensus Estimate of $1.09 billion.&nbsp;
Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
<h3>A Stock to Consider</h3>
Here is a company within the broader Industrial Products sector, which, according to our model, has the right combination of elements to beat on earnings in this reporting cycle.
Deere &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/de#NYSE">DE</a>) has an Earnings ESP of +0.18% and a Zacks Rank of 3 at present. It is slated to release third-quarter fiscal 2024 (ended July 2024) results on Aug 15.
Deere&#39;s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 16%.
<a href="https://www.zacks.com/stock/news/2320233/broadwind-bwen-gears-up-to-report-q2-earnings-what-to-expect?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2320233">To read this article on Zacks.com click here.</a>

The Middleby Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/midd#NASDAQ">MIDD</a>) reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales.
Net sales of $992 million beat the consensus estimate of $989 million. The top line dipped 4.7% year over year. Organic revenues decreased 4.8%. Acquired assets boosted sales by 0.3% while movements in foreign currencies had a negative impact of 0.2%.
<h3>Segmental Results</h3>
Sales from the Commercial Foodservice Equipment Group segment (representing 62.5% of net sales) were $619.4 million, down 4.1% year over year. Our estimate was $624.7 million. Organic sales decreased 3.9%. Buyouts had a positive impact of 0.1% while adverse foreign-currency translation lowered sales by 0.2%.
Sales from the Residential Kitchen Equipment Group segment (19.4%) totaled $192.8 million, down 6.2% year over year. Our estimate was $186.9 million. Organic sales plunged 6.7%. Buyouts boosted sales by 0.5%.
Sales from the Food Processing Equipment Group segment (18.1%) summed $179.4 million, down 4.9% year over year. We expected the metric to be $177.3 million. Organic sales decreased 5.7% year over year. Acquisitions boosted sales by 1% while foreign currency movements had an unfavorable impact of 0.3%.
<div class="chart_embed">
<h3>The Middleby Corporation Price and EPS Surprise</h3>
<h3><img alt="The Middleby Corporation Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/eb/1722611591.png" style="height:263px; width:545px" title="" /></h3>
The Middleby Corporation price-eps-surprise | The Middleby Corporation Quote
</div>
<h3>Margin Profile</h3>
Middleby&#39;s cost of sales decreased 5.4% year over year to $611.9 million. Gross profit fell 3.5% to $379.6 million. The gross margin increased to 38.3% from 37.8% in the year-ago quarter.
Selling, general and administrative expenses decreased 2.4% year over year to $198.6 million. Operating income declined 4.9% year over year to $175.7 million. Operating margin decreased 10 basis points (bps) to 17.7%.
Adjusted EBITDA declined 5.6% year over year to $216.4 million. Adjusted EBITDA margin fell 20 bps to 21.8%.
<h3>Balance Sheet and Cash Flow</h3>
Exiting the second quarter, Middleby had cash and cash equivalents of $459.5 million compared with $247.5 million at the end of December 2023. Long-term debt was $2.36 billion at the end of the second quarter compared with $2.38 billion at 2023-end.
In the first six months of 2024, Middleby generated net cash of $290.4 million from operating activities compared with $154 million a year ago. Capital expenditure totaled $24.7 million compared with $48.3 million in the prior-year quarter. Free cash flow was $265.7 million in the first six months of the year compared with $105.6 million in the year-earlier quarter.
<h3>Zacks Rank</h3>
The company currently carries a Zacks Rank #3 (Hold).
<h3>Performance of Other Industrial Companies</h3>
Pentair plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnr#NYSE">PNR</a>) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net sales rose 1.6% year over year to $1.1 billion. PNR&#39;s top line outpaced the Zacks Consensus Estimate of $1.09 billion.&nbsp;
Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
A. O. Smith Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aos#NYSE">AOS</a>) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net sales of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.
<a href="https://www.zacks.com/stock/news/2315537/middleby-midd-q2-earnings-beat-estimates-sales-down-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2315537">To read this article on Zacks.com click here.</a>

Crown Holdings's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) short percent of float has risen 11.48% since its last report. The company recently reported that it has 2.65 million shares sold short, which is 2.33% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.65 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Crown Holdings Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1722366018_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Crown Holdings has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Crown Holdings's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Crown Holdings's peer group average for short interest as a percentage of float is 3.41%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Looking Into Crown Holdings's Recent Short Interest

Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) announced today that its Board of Directors authorized the repurchase of an aggregate amount of up to $2.0 billion of Company stock through the end of 2027. The new authorization, which supersedes the previous authorization announced on December 9, 2021, reflects the Company's strong balance sheet and cash from operations, allowing investment in the business and return of cash to its shareholders.&nbsp;

Buybacks

Crown Holdings Authorizes $2B Share Repurchase Program Through The End Of 2027, Superseding The Previous Authorization Announced On December 9, 2021

RBC Capital analyst Arun Viswanathan maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Outperform and raises the price target from $96 to $105.

RBC Capital Maintains Outperform on Crown Holdings, Raises Price Target to $105

Citigroup analyst Anthony Pettinari maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Buy and raises the price target from $94 to $100.

Citigroup Maintains Buy on Crown Holdings, Raises Price Target to $100

Allegion plc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alle#NYSE">ALLE</a>) second-quarter 2024 adjusted earnings of $1.96 per share beat the Zacks Consensus Estimate of $1.77. The bottom line increased 11.4% year over year.
<h3>Revenue Details</h3>
Allegion&#39;s revenues were $965.6 million, which increased 5.8% year over year. Organic revenues increased 5.2% driven by price realization and volume growth. The company&#39;s revenues beat the Zacks Consensus Estimate of $944 million.
Acquired assets boosted revenues by 0.9%. Forex woes left a negative impact of 0.3% on revenues.
ALLE reports revenues under two segments. A brief discussion of quarterly results is provided below:
Revenues from Allegion Americas increased 6% year over year to $770.7 million. The figure accounted for 79.8% of the quarter&#39;s revenues. Our estimate for segmental revenues was $751.4 million.
Operating income for the segment was $214.3 million, up 9.7% year over year. Our estimate was $226.0 million.
Revenues from Allegion International were $194.9 million, up 5.2% year over year. The metric accounted for 20.2% of the quarter&#39;s revenues. Our estimate for segmental revenues was $192.9 million.
Segmental operating income was $17.7 million, up 27.3% year over year. Our estimate was $22.1 million.
<div class="chart_embed">
<h3>Allegion PLC Price, Consensus and EPS Surprise</h3>
<h3><img alt="Allegion PLC Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/33/1721833859.png" style="height:265px; width:584px" title="" /></h3>
Allegion PLC price-consensus-eps-surprise-chart | Allegion PLC Quote
</div>
<h3>Margin Profile</h3>
In the reported quarter, Allegion&#39;s cost of revenues increased 5.2% year over year to $537.3 million. Gross profit was $428.3 million, up 6.6% year over year, while the gross margin jumped 40 basis points (bps) to 44.4%.
Selling and administrative expenses inched up approximately 1% year over year to $219.3 million. Adjusted EBITDA was $236.5 million, reflecting a year-over-year increase of 10.5%. The margin grew 130 bps year over year to 30.7%.
Adjusted operating income increased 12.8% year over year to $228.6 million. The adjusted margin was 23.7%, up 150 bps. Interest expenses were $25.1 million, up 5.9% year over year. The effective tax rate was 17.8%, up from 12.6% in the year-ago quarter.
<h3>Balance Sheet and Cash Flow</h3>
While exiting the second quarter, Allegion had cash and cash equivalents of $747.5 million compared with $468.1 million at the end of fourth-quarter 2023. Long-term debt was $2 billion compared with $1.6 billion at the end of fourth-quarter 2023.
In the first six months of 2024, ALLE generated net cash of $224.1 million from operating activities, reflecting a decrease of 2.6% year over year. Capital expenditure was $48.1 million, up 20.3% year over year. The available cash flow was $176 million.
Allegion repurchased shares for $80 million. Dividends paid out totaled $83.8 million, reflecting an increase of 5.7% year over year.
<h3>2024 Outlook Raised</h3>
ALLE now expects revenues to increase 2.5-3.5% from the year-ago levels compared with 1.5-3.5% increase anticipated earlier. The company anticipates organic revenues to grow in the range of 1.5-2.5%.
Management projects earnings of $6.50-$6.65 per share on a reported basis compared with the prior expected range of $6.45-$6.60. Adjusted earnings are projected to be in the range of $7.15-$7.30 per share compared with the prior expected range of $7.00-$7.15. The consensus estimate for earnings is pegged at $7.09 per share.
The company estimates available cash flow to be in the range of $540-$570 million. The adjusted effective tax rate is estimated in the 18-19% band.
<h3>Zacks Rank</h3>
The company currently carries a Zacks Rank #2 (Buy).
<h3>Performance of Other Industrial Companies</h3>
Pentair plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnr#NYSE">PNR</a>) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net revenues rose 1.6% year over year to $1.1 billion. PNR&#39;s top line outpaced the Zacks Consensus Estimate of $1.09 billion.&nbsp;
Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net revenues totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
A. O. Smith Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aos#NYSE">AOS</a>) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net revenues of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.
<a href="https://www.zacks.com/stock/news/2308187/allegion-alle-q2-earnings-top-estimates-revenues-up-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2308187">To read this article on Zacks.com click here.</a>

Dividends

ALLE

Allegion Q2 Earnings Top Estimates, Revenues Up Y/Y

Morgan Stanley analyst Pamela Kaufman maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Equal-Weight and raises the price target from $89 to $92.

Morgan Stanley Maintains Equal-Weight on Crown Holdings, Raises Price Target to $92

Barclays analyst Michael Leithead maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Overweight and raises the price target from $95 to $100.

Barclays Maintains Overweight on Crown Holdings, Raises Price Target to $100

B of A Securities analyst George Staphos maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Buy and raises the price target from $98 to $102.

B of A Securities Maintains Buy on Crown Holdings, Raises Price Target to $102

Wells Fargo analyst Gabe Hajde maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Equal-Weight and raises the price target from $85 to $88.

Wells Fargo Maintains Equal-Weight on Crown Holdings, Raises Price Target to $88

Loop Capital analyst Alton Stump maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Buy and raises the price target from $106 to $120.

Loop Capital Maintains Buy on Crown Holdings, Raises Price Target to $120

Truist Securities analyst Michael Roxland maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Hold and raises the price target from $88 to $95.

Truist Securities Maintains Hold on Crown Holdings, Raises Price Target to $95

The Nasdaq 100 closed lower by around 0.4% during Tuesday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">NVIDIA</h3>
<ul>
<li>The Trade: NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) President and CEO Jen Hsun Huang <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 240,000 shares</a> at an average price of $120.65. The insider received around $29 million from selling those shares.</li>
<li>What's Happening: On July 22, Piper Sandler analyst Harsh Kumar maintained NVIDIA with an Overweight and raised the price target from $120 to $140.</li>
<li>What NVIDIA Does: Nvidia is a leading developer of graphics processing units.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">latest NVDA news</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="672" height="755" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050352/Screenshot-2024-07-24-at-2.33.35-PM.png" alt="" class="wp-image-453439" style="width:389px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050352/Screenshot-2024-07-24-at-2.33.35-PM.png 672w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050352/Screenshot-2024-07-24-at-2.33.35-PM-267x300.png 267w" sizes="(max-width: 672px) 100vw, 672px" /></a></figure>
<h3 class="wp-block-heading">Crown Holdings</h3>
<ul>
<li>The Trade: Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) President and CEO Timothy J Donahue <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 15,000 shares</a> at an average price of $85.03. The insider received around $1.28 million from selling those shares.</li>
<li>What's Happening: On July 22, Crown Holdings reported better-than-expected second-quarter adjusted EPS results and raised its FY24 EPS guidance above estimates.</li>
<li>What Crown Holdings Does: Crown Holdings is one of the world&#8217;s largest producers of metal packaging.</li>
<li>Benzinga Pro's charting tool helped <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">identify the trend in CCK stock</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="686" height="753" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050425/Screenshot-2024-07-24-at-2.34.20-PM.png" alt="" class="wp-image-453440" style="width:445px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050425/Screenshot-2024-07-24-at-2.34.20-PM.png 686w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050425/Screenshot-2024-07-24-at-2.34.20-PM-273x300.png 273w" sizes="(max-width: 686px) 100vw, 686px" /></a></figure>
<h3 class="wp-block-heading">Accenture</h3>
<ul>
<li>The Trade: Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) General Counsel/Corp Secretary Joel Unruch <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 8,145 shares</a> at an average price of $331.05. The insider received around $2.7 million from selling those shares.</li>
<li>What's Happening: On July 22, Accenture agreed to acquire Camelot Management Consultants.</li>
<li>What Accenture Does: Accenture is a leading global IT-services firm that provides consulting, strategy, and technology and operational services.</li>
<li>Benzinga Pro's signals feature notified of a <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">potential breakout in ACN shares</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="660" height="745" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050531/Screenshot-2024-07-24-at-2.35.24-PM.png" alt="" class="wp-image-453442" style="width:456px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050531/Screenshot-2024-07-24-at-2.35.24-PM.png 660w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050531/Screenshot-2024-07-24-at-2.35.24-PM-266x300.png 266w" sizes="(max-width: 660px) 100vw, 660px" /></a></figure>
<h3 class="wp-block-heading">McDonald&#8217;s</h3>
<ul>
<li>The Trade: McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) President, McDonald&#8217;s USA Joseph M. Erlinger &lt;a href=&#8221;https://www.benzinga.com/sec/insider-trades/&#8221;&gt;&lt;em&gt; sold a total of 1,099 shares &lt;/em&gt;&lt;/a&gt; at an average price of $260.00. The insider received around $285,740 from selling those shares.</li>
<li>What's Happening: On July 22, Stifel analyst Chris O&#8217;Cull maintained McDonald&#8217;s with a Hold and lowered the price target from $285 to $265.</li>
<li>What McDonald&#8217;s Does: McDonald&#8217;s is the largest restaurant owner-operator in the world, with 2023 system sales of $130 billion across nearly than 42,000 stores and 115 markets.</li>
<li>Benzinga Pro's earnings calendar was used to track <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">MCD upcoming earnings report</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="669" height="730" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050621/Screenshot-2024-07-24-at-2.36.15-PM.png" alt="" class="wp-image-453446" style="width:396px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050621/Screenshot-2024-07-24-at-2.36.15-PM.png 669w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24050621/Screenshot-2024-07-24-at-2.36.15-PM-275x300.png 275w" sizes="(max-width: 669px) 100vw, 669px" /></a></figure>
Check This Out: 
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Crown Holdings shares are trading higher after the company reported better-than-expected Q2 adjusted EPS results and raised its FY24 EPS guidance above estimates.

Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter 2024 adjusted earnings per share of $1.81, beating the Zacks Consensus Estimate of $1.59. The bottom line exceeded the company&#39;s EPS guidance of $1.55-$1.65. It improved 8% year over year.
Including one-time items, the company reported earnings of $1.45 per share in the quarter under review compared with $1.31 in second-quarter 2023.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion. The downside was caused by lower volumes across most businesses and unfavorable foreign currency translation. Higher beverage can shipments in the Americas Beverage segment offset some impacts.
<div class="chart_embed">
<h3>Crown Holdings, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Crown Holdings, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/cf/1721744871.png" style="height:285px; width:620px" title="" />
Crown Holdings, Inc. price-consensus-eps-surprise-chart | Crown Holdings, Inc. Quote
</div>
<h3>Costs &amp; Margins</h3>
The cost of products sold fell 3.4% year over year to $2.38 billion. On a year-over-year basis, gross profit moved up 2.3% to $661 million. The gross margin improved to 21.7% from the year-ago quarter&#39;s 20.8%.
Selling and administrative expenses rose 1.4% year over year to $150 million. Segmental operating income was $437 million compared with the prior-year quarter&#39;s $414 million. The upside was driven by increased global beverage operations.
<h3>Segment Performances</h3>
Net sales in the Americas Beverage segment totaled $1.33 billion, up 2.6% year over year. Segmental operating profit increased 15.2% year over year to $243 million.&nbsp;
The European Beverage segment&#39;s sales rose 5.3% year over year to $560 million. Operating income was $88 million compared with the year-ago quarter&#39;s $69 million.
The Asia-Pacific segment&#39;s revenues totaled $290 million, down 12.7% year over year. Operating profit was $55 million compared with the prior-year quarter&#39;s $38 million.
Revenues in the Transit Packaging segment totaled $550 million compared with the year-ago quarter&#39;s $597 million. Operating profit fell 18% year over year to $73 million.
<h3>Cash Flow &amp; Balance Sheet Updates</h3>
Crown Holdings had cash and cash equivalents of $1.41 billion at the second-quarter 2024 end, up from $0.55 billion at the end of the prior-year quarter. The company generated $343 million of cash in operating activities in the first half of 2024 compared with $293 million in the year-ago comparable period.
Crown Holdings&#39; long-term debt decreased to $5.95 billion as of Jun 30, 2024, from $6.99 billion as of Jun 30, 2023.
<h3>Outlook</h3>
Crown Holdings projects third-quarter 2024 adjusted EPS between $1.75 and $1.85.
Backed by a better-than-expected performance in the first half, the company raised its yearly outlook. It projects full-year adjusted EPS of $6.00-$6.25, up from the prior stated $5.80-$6.20.
<h3>Price Performance</h3>
Crown Holdings&#39; shares have lost 13.4% in the past year compared with the industry&#39;s fall of 1.1%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/24/72225.jpg?v=381257066" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Crown Holdings currently carries a Zacks Rank #4 (Sell).
<h3>Containers Stocks Awaiting Results</h3>
Silgan Holdings Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slgn#NYSE">SLGN</a>) is scheduled to release its second-quarter 2024 on Jul 31. The Zacks Consensus Estimate for SLGN&#39;s second-quarter 2024 earnings is pegged at 87 cents per share, suggesting year-over-year growth of 4.8%.
The Zacks Consensus Estimate for the company&#39;s top line is pegged at $1.43 billion, suggesting an increase of 0.3% from the prior-year figure. SLGN has a trailing four-quarter average surprise of 1.1%.
Ball Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ball#NYSE">BALL</a>) is scheduled to release its second-quarter 2024 on Aug 1. The Zacks Consensus Estimate for BALL&#39;s second-quarter 2024 earnings is pegged at 73 cents per share, suggesting year-over-year growth of 19.7%.
The Zacks Consensus Estimate for the company&#39;s top line is pegged at $3.07 billion, suggesting a decline of 13.8% from the prior-year figure. BALL has a trailing four-quarter average surprise of 6.8%.
AptarGroup, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/atr#NYSE">ATR</a>)&nbsp;is scheduled to release its second-quarter 2024 on Jul 25. The Zacks Consensus Estimate for AptarGroup&#39;s second-quarter 2024 earnings is pegged at $1.36 per share, suggesting year-over-year growth of 10.6%.
The Zacks Consensus Estimate for the company&#39;s top line is pegged at $925.4 million, suggesting growth of 3.3% from the prior-year figure. ATR has a trailing four-quarter average surprise of 9.3%.
<a href="https://www.zacks.com/stock/news/2307208/crown-holdings-cck-beats-on-q2-earnings-raises-24-view?cid=CS-BENZ-FT-analyst_blog|earnings_article-2307208">To read this article on Zacks.com click here.</a>

BALL

SLGN

Crown Holdings Beats on Q2 Earnings, Raises '24 View

Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) shares are trading higher today after the company reported better-than-expected&nbsp;second-quarter adjusted EPS results yesterday and raised its FY24 EPS<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39892943/crown-holdings-inc-reports-second-quarter-2024-results" rel="noreferrer noopener"> guidance&nbsp;above estimate</a>.
Net sales declined to&nbsp;$3.04 billion&nbsp;from&nbsp;$3.11 billion&nbsp;a year ago, missing the consensus of $3.06 billion.
Revenue was affected by a $94 million pass-through of lower material costs and a $13 million adverse impact from foreign currency fluctuations.
Adjusted EPS of&nbsp;$1.81, exceeding <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.58</a>.
The company reported operating cash flow of $343 million and $178 million in adjusted free cash flow for the first half of the year.
Timothy J. Donahue, Chairman, President, and Chief Executive Officer, said, &#8220;The Company performed well during the quarter, led by strong results in each of the global beverage businesses.&nbsp; Benefitting from our broad geographic presence and strategic customer alliances, beverage segment income improved by 21% in the second quarter on a combined global basis.&#8221;
&#8220;Beverage can shipments improved 6% globally in the second quarter, including 9% in North America.&nbsp; Beverage can shipments in&nbsp;Europe&nbsp;and&nbsp;Latin America&nbsp;were also strong and exceeded longer-term expectations&nbsp;of low-to mid-single digit volume growth.&#8221;
Outlook: Crown Holdings raised FY24 EPS guidance to $6.00–$6.25 (from $5.80–$6.20) vs. an estimate of $5.98 and expects free cash flow to exceed $750 million.
The company projects third-quarter adjusted EPS of $1.75–$1.85 vs. <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of&nbsp;$1.79</a>.
RBC Capital Markets analyst Arun Viswanathan writes that although CCK is raising its FY24 guidance primarily due to the second-quarter beat, investor sentiment might be cautious due to ongoing inflation impacts on consumers, affecting CCK and other packaging stocks.
The analyst notes investors will also respond positively to CCK&#8217;s new long-term leverage target of 2.5x.
However, weakness persists in CCK&#8217;s non-reportable segments, including NA aerosol and beverage can-making equipment and Transit, which are more sensitive to economic fluctuations, writes the analyst.
Overall, the analyst is positive about the NA shipment growth (+9%) and the mid-to-low single-digit growth in Europe/LATAM.
Additionally, CCK&#8217;s strong cash flow from operations reflects effective working capital management, with expectations to end 2024 below 3.0x and a new long-term target of 2.5x.
The analyst maintains an <a target="_blank" href="http://benzinga.com/quote/CCK/analyst-ratings" rel="noreferrer noopener">Outperform rating on the stock with a price target of $96.00</a>.
Price Action: CCK shares are up 9% at $84.45 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image from Shutterstock

Analyst Color

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Reiteration

Movers

Why Packaging Company Crown Holdings Shares Are Surging Today

Shares of Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) fell sharply during Tuesday's session after the company reported worse-than-expected <a href="https://www.benzinga.com/news/earnings/24/07/39908857/comcasts-q2-earnings-studios-and-theme-parks-pull-revenue-lower-broadband-and-video-subs-fall">second-quarter sales results</a>.
Comcast reported second-quarter revenue decline of 2.7% year-over-year to $29.69 billion, missing the analyst consensus estimate of $30.02 billion.The company reported adjusted EPS of $1.21, beating analyst consensus estimates of $1.12, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Comcast shares declined 6.1% to $37.12 on Tuesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Azitra, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZTR#NYSE">AZTR</a>) shares jumped 529% to $10.19 after the company announced that the U.S. Patent and Trademark Office granted it U.S. Patent No. 12,036,248 for the treatment of atopic dermatitis.</li>
<li>Adial Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADIL#NASDAQ">ADIL</a>) jumped 148% to $2.6299 after the company announced it advanced into the second cohort and commenced dosing for the Pharmacokinetics Study of AD04 for alcohol use disorder.</li>
<li>Salarius Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRX#NASDAQ">SLRX</a>) gained 111% to $3.2540.</li>
<li>Agape ATP Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATPC#NASDAQ">ATPC</a>) shares climbed 67% to $0.2390.</li>
<li>Smart for Life, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMFL#NASDAQ">SMFL</a>) rose 45% to $2.7950.</li>
<li>Dermata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRMA#NASDAQ">DRMA</a>) gained 43% to $2.41.</li>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) jumped 36.5% to $4.60.</li>
<li>Volato Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOAR#NYSE">SOAR</a>) gained 33.5% to $0.6385 after jumping around 20% on Monday.</li>
<li>Frequency Electronics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FEIM#NASDAQ">FEIM</a>) shares climbed 30% to $13.11 following fourth-quarter earnings. Also, the company declared a $1.00 special cash dividend.</li>
<li>Mammoth Energy Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TUSK#NASDAQ">TUSK</a>) gained 26% to $4.42 after the company announced its subsidiary, Cobra Acquisitions, entered into a release and settlement agreement with the Puerto Rico Electric Power Authority.</li>
<li>iClick Interactive Asia Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLK#NASDAQ">ICLK</a>) rose 23.5% to $2.05.</li>
<li>1847 Holdings LLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NYSE">EFSH</a>) jumped 19.3% to $2.90.</li>
<li>Milestone Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLSS#NYSE">MLSS</a>) gained 17.5% to $1.02 after the company announced the Medicare price assignment for its CompuFlo Epidural System.</li>
<li>Staffing 360 Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STAF#NASDAQ">STAF</a>) gained 16% to $2.1493.</li>
<li>Kiniksa Pharmaceuticals International, plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KNSA#NASDAQ">KNSA</a>) rose 16% to $24.81 after the company reported better-than-expected second-quarter sales results and raised its FY24 net product revenue guidance.</li>
<li>Aeva Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEVA#NYSE">AEVA</a>) gained 15.1% to $3.6713.</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) jumped 12.7% to $333.02 following second-quarter earnings.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) gained 11.8% to $12.34.</li>
<li>PureCycle Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCT#NASDAQ">PCT</a>) rose 11.8% to $6.90.</li>
<li>MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) gained 11.1% to $561.96 following better-than-expected second-quarter financial results.</li>
<li>Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) rose 8.5% to $84.04 after the company reported better-than-expected second-quarter earnings and raised its FY24 EPS guidance above estimates.</li>
<li>MakeMyTrip Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMYT#NASDAQ">MMYT</a>) gained 8% to $96.75 following better-than-expected quarterly earnings.</li>
<li>Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) gained 8% to $16.51 as the company released preliminary second quarter 2024 financial results and signed a definitive agreement to acquire Rotech Healthcare for $1.36 billion in cash.</li>
<li>Mesoblast Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MESO#NASDAQ">MESO</a>) shares surged 8% to $8.15. Mesoblast recently started enrollment in Phase 3 trial of Rexlemestrocel-L for chronic low back pain.</li>
<li>Pentair plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) climbed 7.7% to $86.19 after the company reported better-than-expected second quarter financial results and revised its FY24 adjusted EPS guidance above estimates.</li>
<li>Danaher Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>) gained 7.4% to $269.35 after the company reported better-than-expected second quarter earnings.</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) gained 6.4% to $173.21 after the company reported better-than-expected second quarter adjusted EPS and raised its FY24 outlook.</li>
<li>SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) rose 6% to $0.2390 after the company reported second-quarter financial results.</li>
<li>Zions Bancorporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) gained 5.4% to $52.12 after posting better-than-expected quarterly results on Monday.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Jaguar Health, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JAGX#NASDAQ">JAGX</a>) shares dipped 65% to $1.50 after the company announced its phase 3 OnTarget trial results for Crofelemer did not meet its primary endpoint.</li>
<li>TransCode Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNAZ#NASDAQ">RNAZ</a>) dipped 62.2% to $0.2999 after the company announced a proposed public offering.</li>
<li>Fly-E Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLYE#NASDAQ">FLYE</a>) tumbled 59.2% to $2.60.</li>
<li>MIRA Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares dipped 50.3% to $2.4636. MIRA Pharmaceuticals shares jumped 627% on Monday after the company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2.</li>
<li>CareMax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMAX#NASDAQ">CMAX</a>) shares fell 38.3% to $3.1851 after surging 228% on Monday.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) dipped 32.4% to $0.0250.</li>
<li>PS International Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSIG#NASDAQ">PSIG</a>) fell 32.2% to $1.83.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) fell 31.1% to $0.3440.</li>
<li>Cellectar Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLRB#NASDAQ">CLRB</a>) dipped 26.2% to $2.23. The company announced results from its CLOVER WaM pivotal study evaluating iopofosine I 131.</li>
<li>Crown LNG Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGBS#NASDAQ">CGBS</a>) fell 23% to $0.77.</li>
<li>Castellum, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTM#NYSE">CTM</a>) fell 20% to $0.1594. Castellum recently announced a new strategic alliance with Krilla Kaleiwahea.</li>
<li>Netcapital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCPL#NASDAQ">NCPL</a>) fell 17.3% to $0.0926 after gaining around 8% on Monday.</li>
<li>Medpace Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>) shares declined 16.6% to $364.00 after the company reported mixed second-quarter financial results and narrowed its FY24 revenue guidance with its midpoint below estimates.</li>
<li>Fitell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTEL#NASDAQ">FTEL</a>) dipped 15.2% to $16.48.</li>
<li>United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) fell 13.2% to $126.04 after the company reported worse-than-expected quarterly financial results.</li>
<li>Nukkleus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUKK#NASDAQ">NUKK</a>) shares fell 10% to $0.4479 after gaining over 55% on Monday.</li>
<li>NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) shares fell 9.5% to $256.55 following mixed second-quarter earnings.</li>
<li>New Fortress Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>) dipped 9.2% to $23.28.</li>
<li>PACCAR Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCAR#NASDAQ">PCAR</a>) fell 8.4% to $99.92 after the company reported worse-than-expected second-quarter financial results.</li>
<li>A. O. Smith Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOS#NYSE">AOS</a>) declined 8.4% to $81.30. The company reported second-quarter financial results.</li>
<li>WEBTOON Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBTN#NASDAQ">WBTN</a>) dipped 7.7% to $22.00.</li>
<li>Polaris Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PII#NYSE">PII</a>) declined 7.2% to $76.23 after the company reported worse-than-expected second-quarter financial results and cut its guidance.</li>
<li>Archrock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AROC#NYSE">AROC</a>) shares declined 6.9% to $21.76. Archrock commenced public offering of 11 million shares of its common stock and announced plans to acquire Total Operations and Production Services for $983 million in cash and stock.</li>
<li>General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) fell 6.1% to $46.52 after the company reported second-quarter financial results. Also, the company announced that it delayed its 2024 Buick EV and pushed its EV pickup plant opening to 2026.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39907957/microsoft-to-rally-around-10-here-are-10-top-analyst-forecasts-for-monday">Microsoft To Rally Around 10%? Here Are 10 Top Analyst Forecasts For Tuesday</a></li>
</ul>

Intraday Update

ADIL

AEVA

AROC

ATPC

AZTR

CGBS

CLRB

CMAX

CMCSA

DRMA

EFSH

FEIM

FLYE

FTEL

ICLK

JAGX

KNSA

MEDP

MESO

MIRA

MLSS

MMYT

MSCI

NCPL

NUKK

NXPI

PCAR

PSIG

RNAZ

SLNA

SLRX

SMFL

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TUSK

WBTN

XCUR

ZION

Why Comcast Shares Are Trading Lower By 6%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

RBC Capital analyst Arun Viswanathan maintained a Buy rating on Crown Holdings (CCK – Research Report) yesterday and set a price target of $105.00....

RBC Capital Remains a Buy on Crown Holdings (CCK)

Crown Holdings authorizes $2B in stock repurchases

Crown Holdings authorizes up to $2B in stock repurchases

Crown Holdings (CCK) just unveiled an update. Crown Holdings, Inc. plans to issue €600 million in senior unsecured notes through its subsidiary, Cr...

Crown Holdings to Issue €600M in Senior Unsecured Notes

In a report released today, Michael Roxland from Truist Financial maintained a Hold rating on Crown Holdings (CCK – Research Report). The company's...

Truist Financial Reaffirms Their Hold Rating on Crown Holdings (CCK)

Crown Holdings prices offering of €600M of 4.500% senior unsecured notes

Growing demand for eco-friendly products and sustainable packaging presents a significant opportunity for companies that prioritize these solutions. Therefore, scooping up the shares of fundamentally sound sustainable packaging stocks, such as Packaging Corp of America (PKG), Crown Holdings (CCK), and Sonoco Products Co. (SON), could be beneficial. Read more... As the world increasingly shifts away from single-use plastics, the demand for sustainable packaging solutions is rising fast. Consumers and businesses are now more conscious than ever about the environmental impact of their choices, leading to a growing emphasis on eco-friendly packaging alternatives.
Given this backdrop, it could be wise to consider investing in three fundamentally sound sustainable packaging stocks such as Packaging Corporation of America (<a href="https://stocknews.com/stock/PKG/">PKG</a>), Crown Holdings, Inc. (<a href="https://stocknews.com/stock/CCK/">CCK</a>), and Sonoco Products Company (<a href="https://stocknews.com/stock/SON/">SON</a>).
With visions of sea turtles tangled in plastic and whales suffering from ingested waste, it's no surprise that consumers are increasingly turning away from traditional plastics. Their attention has shifted toward more sustainable, environmentally friendly packaging solutions, including biodegradable materials, recyclable packaging, and minimalistic designs that reduce waste.
This shift is driving the rapid growth of sustainable packaging, with many companies committing to 100% recycled materials in the coming years. Moreover, consumers are increasingly willing to pay a premium for products with sustainable packaging, with nearly <a href="https://www.smashbrand.com/articles/consumer-demand-for-sustainable-packaging-is-on-the-rise/#:~:text=Sustainable%20packaging%20has%20been%20one,)%20of%206%25%20through%202027.">70% stating they'd spend more</a> on such options.
This rising demand presents a promising opportunity for companies prioritizing sustainable packaging to capture a larger market share. The global sustainable packaging market size is forecasted to nearly double, reaching $490.73 billion by 2032, growing at a <a href="https://www.towardspackaging.com/insights/sustainable-packaging-market-sizing#:~:text=Global%20sustainable%20packaging%20sector%20starting,period%20from%202023%20to%202032.">CAGR of 6.6%</a> from 2023 to 2032.
Considering these factors, let's evaluate the <a href="https://stocknews.com/category/industrial-packaging/">Industrial – Packaging</a> stocks in detail, starting with the third choice:
Stock #3: Crown Holdings, Inc. (<a href="https://stocknews.com/stock/CCK/">CCK</a>)
CCK operates globally in the packaging industry through four segments: Americas Beverage; European Beverage; Asia Pacific; and Transit Packaging. The company produces and sells recyclable aluminum beverage cans and ends, aerosol cans, glass bottles, steel crowns, and closures.
On July 29, 2024, CCK announced that its Board of Directors approved a stock repurchase program of up to $2.0 billion, set to run through the end of 2027.
The management views this buyback as a key component of their longer-term capital allocation strategy, which focuses on investing in growth, returning capital to shareholders, and reducing debt. The goal is to lower the company's net leverage to 2.5 times.
Buoyed by its strong financial performance, the company declared a quarterly <a href="https://www.investopedia.com/terms/d/dividend.asp">dividend</a> of $0.25 per share, payable to its shareholders on August 29, 2024. CCK pays an annual dividend of $1, which translates to a yield of 1.14% at the current share price. Moreover, the company's dividend payouts have increased at an impressive CAGR of 34.8% over the past three years.
CCK's net sales for the fiscal second quarter that ended June 30, 2024, amounted to $3.04 billion, while its income from operations stood at $379 million, up 3.3% over the prior-year quarter. The company's adjusted net income and earnings per share increased by 8% and 7.7% year-over-year to $217 million and $1.81, respectively.
Street expects CCK's revenue for the third quarter (ending September 2024) to increase marginally year-over-year to $3.08 billion. Its EPS for the third quarter is expected to grow by 4.4% from the previous year, settling at $1.81.
The stock has gained 17.4% over the past month to close the last trading session at $87.36.
CCK's strong fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
CCK has a B grade for Growth, Momentum, and Sentiment. It is ranked #6 out of 19 stocks in the B-rated <a href="https://stocknews.com/category/industrial-packaging/">Industrial – Packaging</a> industry. <a href="https://stocknews.com/stock/CCK/">Click here</a> to access the other CCK ratings for Value, Stability, and Quality.
Stock #2: Packaging Corporation of America (<a href="https://stocknews.com/stock/PKG/">PKG</a>)
With a market cap of $17.72 billion, PKG manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging; Paper; and Corporate and Other.
On June 15, the company paid its shareholders a quarterly dividend of $1.25 per share. With 13 years of consecutive dividend growth, PKG pays an annual dividend of $5, which translates to a yield of 2.53% at the current share price. Moreover, the company's dividend payouts have increased at a CAGR of 9.6% over the past five years.
For the second quarter of 2024, which ended on June 30, PKG's net sales increased 6.3% year-over-year to $2.08 billion, while its income from operations amounted to $276 million. The company's non-GAAP net income and EPS for the quarter stood at $198.60 million and $2.20, respectively. Also, its cash, cash equivalents, and market debt securities grew 86.3 % from the year-ago value to $1.17 billion.
The consensus revenue estimate of $2.10 billion for the fiscal third quarter (ending September 2024) represents an 8.5% increase year-over-year. The consensus EPS estimate of $2.48 for the ongoing quarter indicates a 20.8% improvement year-over-year. The company has an excellent earnings surprise history; it surpassed the consensus EPS estimates in each of the trailing four quarters.
PKG shares have surged 30.4% over the past nine months and 21.4% year-to-date to close the last trading session at $197.74.
PKG's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
It has an A grade for Quality and a B for Momentum and Stability. Within the same industry, PKG is ranked #5. <a href="https://stocknews.com/stock/PKG/">Click here</a> to see the additional ratings for PKG (Growth, Value, and Sentiment).
Stock #1: Sonoco Products Company (<a href="https://stocknews.com/stock/SON/">SON</a>)
SON designs, develops, manufactures, and sells various engineered and sustainable packaging products across North and South America, Europe, Australia, and Asia. With a market cap of $5.22 billion, the company operates through two segments: Consumer Packaging and Industrial Paper Packaging. 
On July 17, the company declared a quarterly common stock dividend of $0.52 per share, payable on September 10, 2024, to shareholders of record as of August 9, 2024.
SON's annual dividend of $2.08 translates to a 3.91% yield on the prevailing prices, while its four-year average dividend yield is 3.20%. Its dividend payouts have grown at CAGRs of 5.2% and 4.3% over the past three and five years, respectively. Also, SON has a record of 41 years of consecutive dividend growth.
On June 24, SON agreed to acquire Eviosys, Europe's leading food cans, ends, and closures manufacturer, for approximately $3.9 billion. This acquisition aligns with the company's strategy to focus on and scale its core businesses and invest in high-return opportunities.
With this move, SON will become the global leader in metal food can and aerosol packaging manufacturing. Additionally, the company expects to achieve over $100 million in synergies from the integration of Eviosys with its existing metal can business.
For the fiscal first quarter that ended March 31, 2024, SON's net sales amounted to $1.64 billion, while its gross profit stood at $337.55 million. Its adjusted attributable net income and earnings per share for the quarter amounted to $111.49 million and $1.12, respectively.
The company's net cash from operating activities increased 69.6% year-over-year to $166.24 million. As of March 31, 2024, its cash and cash equivalents increased to $172.21 million from $151.94 million recorded as of December 31, 2023.
Analysts expect SON's revenue and EPS for the third quarter (ending September 2024) to increase marginally year-over-year to $1.74 billion and $1.46, respectively. Over the past nine months, the stock has gained 3.7%, closing the last trading session at $53.19.
It's no surprise that SON has an overall rating of B, equating to a Buy in our POWR Ratings system. It also has a B grade for Value, Momentum, and Stability. It is ranked #3 out of 19 stocks in the same B-rated industry.
Beyond what is stated above, we've also rated SON for Growth, Sentiment, and Quality. Get all SON ratings <a href="https://stocknews.com/stock/SON/">here</a>.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
PKG shares were trading at $199.00 per share on Wednesday morning, up $1.26 (+0.64%). Year-to-date, PKG has gained 23.82%, versus a 16.65% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/pkg-cck-son-3-sustainable-packaging-stocks-to-buy/>3 Sustainable Packaging Stocks to Buy</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Sustainable Packaging Stocks to Buy

Eminence Capital buys Dynatrace, exits Discover Financial, others in Q2

Crown Holdings to purchase group annuity contract from MassMutual

In a report released today, Stefan Diaz from Morgan Stanley maintained a Hold rating on Crown Holdings (CCK – Research Report), with a price target...

Morgan Stanley Keeps Their Hold Rating on Crown Holdings (CCK)

AMZN

CTVA

FERG

SMAR

UBER

Press Releases

KPS CAPITAL PARTNERS TO SELL EVIOSYS TO SONOCO FOR €3.615 BILLION

CROWN HOLDINGS SCHEDULES SECOND QUARTER 2024 EARNINGS CONFERENCE CALL

CROWN LEADS SUSTAINALYTICS CONTAINERS AND PACKAGING CATEGORY WITH STRONG SUSTAINABILITY PERFORMANCE

Global Consumer Packaged Goods Market Expected to Reach $244 Billion as a Result of Higher Consumption by Consumers

CROWN HOLDINGS, INC. REPORTS SECOND QUARTER 2024 RESULTS

CROWN HOLDINGS, INC. DECLARES QUARTERLY DIVIDEND

CROWN HOLDINGS, INC. AUTHORIZES $2.0 BILLION OF SHARE REPURCHASES

CROWN ANNOUNCES SIGNIFICANT PROGRESS AGAINST SCOPE 3 GHG EMISSIONS GOAL IN LATEST SUSTAINABILITY REPORT

Offerings

CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES

Contracts

CROWN HOLDINGS ANNOUNCES INTENTION TO TRANSFER $740 MILLION IN US PENSION PLAN OBLIGATIONS

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Crown Holdings (CCK) Forecast

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