Crown Castle (NYSE:CCI) Issues FY24 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.85-$6.97 for the period, compared to the consensus estimate of $6.91. Crown Castle also updated its FY 2024 guidance to 6.850-6.970 EPS.

Crown Castle Trading Up 1.4 %

CCI stock opened at $94.37 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.46. Crown Castle has a 12-month low of $84.72 and a 12-month high of $134.09. The stock has a market cap of $41.01 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 2.48 and a beta of 0.73. The business’s 50-day moving average is $105.15 and its 200 day moving average is $105.07.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a return on equity of 20.78% and a net margin of 20.32%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm posted $1.91 earnings per share. The company’s quarterly revenue was down 7.4% on a year-over-year basis. On average, sell-side analysts anticipate that Crown Castle will post 6.59 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 6.63%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio is currently 195.63%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. BMO Capital Markets lowered their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a report on Thursday. Scotiabank cut their target price on Crown Castle from $133.00 to $118.00 and set a sector perform rating on the stock in a research report on Thursday. Royal Bank of Canada boosted their target price on Crown Castle from $92.00 to $109.00 and gave the company a sector perform rating in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group cut their target price on Crown Castle from $126.00 to $123.00 and set a buy rating on the stock in a research report on Thursday. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $119.40.

Institutional Trading of Crown Castle

Large investors have recently modified their holdings of the stock. Almanack Investment Partners LLC. purchased a new stake in shares of Crown Castle during the third quarter worth $28,000. PCA Investment Advisory Services Inc. acquired a new position in shares of Crown Castle during the second quarter worth $29,000. Main Street Group LTD acquired a new position in shares of Crown Castle during the fourth quarter worth $30,000. ICA Group Wealth Management LLC acquired a new position in shares of Crown Castle during the fourth quarter worth $37,000. Finally, Stonebridge Capital Advisors LLC grew its stake in shares of Crown Castle by 214.1% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 311 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

About Crown Castle

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.