Crown Castle (NYSE:CCI) Updates FY24 Earnings Guidance

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

Crown Castle Trading Down 1.0 %

Crown Castle stock opened at $93.03 on Thursday. The firm has a 50-day moving average of $105.41 and a 200-day moving average of $105.15. Crown Castle has a one year low of $84.72 and a one year high of $134.09. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. The company has a market cap of $40.42 billion, a price-to-earnings ratio of 26.89, a P/E/G ratio of 2.50 and a beta of 0.73.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). Crown Castle had a return on equity of 21.95% and a net margin of 21.47%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the company earned $1.91 earnings per share. The company’s quarterly revenue was down 7.4% on a year-over-year basis. On average, equities analysts expect that Crown Castle will post 6.59 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $1.565 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.73%. Crown Castle’s dividend payout ratio is 180.92%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CCI shares. Royal Bank of Canada increased their price objective on shares of Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a research note on Wednesday, February 21st. BMO Capital Markets cut their target price on shares of Crown Castle from $110.00 to $105.00 and set a market perform rating for the company in a research note on Thursday. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $118.57.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Almanack Investment Partners LLC. bought a new position in Crown Castle in the 3rd quarter valued at about $28,000. PCA Investment Advisory Services Inc. bought a new position in Crown Castle in the 2nd quarter valued at about $29,000. Main Street Group LTD bought a new position in Crown Castle in the 4th quarter valued at about $30,000. ICA Group Wealth Management LLC bought a new position in Crown Castle in the 4th quarter valued at about $37,000. Finally, Stonebridge Capital Advisors LLC raised 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 valued at $42,000 after acquiring an additional 212 shares during the period. 90.77% of the stock is owned by 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.