Crown Castle (NYSE:CCI) Releases FY 2024 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 6.850-6.970 for the period, compared to the consensus estimate of 6.880. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.85-$6.97 EPS.

Crown Castle Trading Up 0.9 %

Shares of CCI stock opened at $95.26 on Friday. The company has a market cap of $41.39 billion, a P/E ratio of 29.77, a PEG ratio of 2.51 and a beta of 0.73. The stock has a 50 day simple moving average of $104.88 and a two-hundred day simple moving average of $105.10. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.40 and a current ratio of 0.42. Crown Castle has a fifty-two week low of $84.72 and a fifty-two week high of $131.43.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The company’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.91 earnings per share. Research analysts forecast that Crown Castle will post 6.59 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $1.565 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a yield of 6.57%. Crown Castle’s payout ratio is currently 195.63%.

Analyst Upgrades and Downgrades

CCI has been the subject of several recent research reports. Jefferies Financial Group decreased their price objective on Crown Castle from $126.00 to $123.00 and set a buy rating for the company in a report on Thursday. Argus downgraded Crown Castle from a buy rating to a hold rating in a report on Friday. BMO Capital Markets decreased their price objective on Crown Castle from $110.00 to $105.00 and set a market perform rating for the company in a report on Thursday. Wells Fargo & Company lowered their price objective on Crown Castle from $115.00 to $100.00 and set an equal weight rating for the company in a research report on Friday. Finally, Royal Bank of Canada raised their price objective 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. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Crown Castle currently has a consensus rating of Hold and a consensus target price of $117.73.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CCI. Almanack Investment Partners LLC. purchased a new position in Crown Castle in the 3rd quarter worth approximately $28,000. PCA Investment Advisory Services Inc. purchased a new position in Crown Castle in the 2nd quarter worth approximately $29,000. Main Street Group LTD purchased a new position in Crown Castle in the 4th quarter worth approximately $30,000. ICA Group Wealth Management LLC purchased a new position in Crown Castle in the 4th quarter worth approximately $37,000. Finally, Stonebridge Capital Advisors LLC lifted its holdings in Crown Castle by 214.1% in the 4th 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. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.