Crown Castle (NYSE:CCI) Releases Earnings Results, Misses Estimates By $0.02 EPS

Crown Castle (NYSE:CCI) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02), FiscalAI reports. The company had revenue of $995.00 million during the quarter, compared to analysts’ expectations of $1.01 billion. Crown Castle had a net margin of 20.71% and a negative return on equity of 51.60%.

Crown Castle Trading Down 2.8%

Shares of NYSE:CCI traded down $2.29 during midday trading on Wednesday, hitting $78.85. The stock had a trading volume of 6,749,028 shares, compared to its average volume of 3,750,197. Crown Castle has a 1 year low of $65.32 and a 1 year high of $100.50. The stock has a 50 day moving average price of $74.07 and a two-hundred day moving average price of $80.62. The company has a market capitalization of $33.55 billion, a PE ratio of 40.02, a P/E/G ratio of 0.73 and a beta of 0.94.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Tuesday, September 15th. Crown Castle’s dividend payout ratio (DPR) is 215.74%.

Insiders Place Their Bets

In other Crown Castle news, VP Robert Collins sold 1,500 shares of Crown Castle stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the sale, the vice president owned 5,113 shares of the company’s stock, valued at approximately $388,025.57. The trade was a 22.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on CCI shares. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $80.00 target price (down from $85.00) on shares of Crown Castle in a report on Monday, September 14th. Truist Financial reduced their price objective on Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Jefferies Financial Group decreased their price objective on Crown Castle from $88.00 to $82.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. Barclays raised their target price on shares of Crown Castle from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 30th. Finally, TD Cowen reduced their price target on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $93.97.

About Crown Castle

Crown Castle Inc (NYSE: CCI) is a real estate investment trust that owns, operates and leases communications infrastructure in the United States. Its assets support wireless carriers, broadcasters, government agencies and other communications providers by enabling the transmission of voice, data and video services.

The company’s infrastructure has historically included approximately 40,000 cell towers, about 90,000 route miles of fiber and a large portfolio of small-cell installations.