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 EPS guidance of $6.91-7.02 for the period, compared to the consensus EPS estimate of $6.94.

Crown Castle Stock Performance

CCI opened at $105.08 on Friday. The stock has a market capitalization of $45.66 billion, a price-to-earnings ratio of 32.84, a PEG ratio of 2.79 and a beta of 0.83. The company has a fifty day moving average of $99.62 and a 200 day moving average of $103.20. Crown Castle has a fifty-two week low of $84.72 and a fifty-two week high of $119.50. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.42 and a current ratio of 0.43.

Crown Castle (NYSE:CCI) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business earned $2.05 earnings per share. Crown Castle’s quarterly revenue was down 12.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Crown Castle will post 6.62 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $1.565 per share. The ex-dividend date was Friday, June 14th. This represents a $6.26 annualized dividend and a yield of 5.96%. Crown Castle’s dividend payout ratio (DPR) is currently 195.63%.

Analyst Upgrades and Downgrades

CCI has been the subject of several research reports. Bank of America increased their price objective on shares of Crown Castle from $105.00 to $110.00 and gave the company a neutral rating in a research report on Thursday. Scotiabank lowered their target price on shares of Crown Castle from $133.00 to $118.00 and set a sector perform rating for the company in a report on Thursday, April 18th. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a report on Monday, July 1st. They issued a neutral rating and a $104.00 target price for the company. Royal Bank of Canada lowered their target price on shares of Crown Castle from $109.00 to $100.00 and set a sector perform rating for the company in a report on Tuesday, May 7th. Finally, BMO Capital Markets raised their target price on shares of Crown Castle from $105.00 to $108.00 and gave the stock a market perform rating in a report on Thursday. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle currently has an average rating of Hold and a consensus price target of $114.88.

Crown Castle Company Profile

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.