Crown Castle (NYSE:CCI) Updates 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 guidance of 6.850-6.970 for the period, compared to the consensus earnings per share 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 Stock Up 1.4 %

Shares of CCI opened at $94.37 on Friday. The firm has a market cap of $41.01 billion, a P/E ratio of 29.49, a P/E/G ratio of 2.48 and a beta of 0.73. The stock has a 50 day simple moving average of $105.15 and a two-hundred day simple moving average of $105.07. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. Crown Castle has a 1 year low of $84.72 and a 1 year high of $134.09.

Crown Castle (NYSE:CCI) last issued its earnings results 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). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Crown Castle had a return on equity of 20.78% and a net margin of 20.32%. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.91 EPS. On average, analysts forecast that Crown Castle will post 6.59 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The business 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. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.63%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Bank of America dropped their price objective on Crown Castle from $120.00 to $105.00 and set a neutral rating for the company in a research note on Friday. Argus downgraded Crown Castle from a buy rating to a hold rating in a report on Friday. BMO Capital Markets decreased their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating for the company in a report on Thursday. Scotiabank decreased their target price on Crown Castle from $133.00 to $118.00 and set a sector perform rating for the company in a report on Thursday. Finally, Royal Bank of Canada upped their target price on Crown Castle from $92.00 to $109.00 and gave the company a sector perform rating in a report on Wednesday, February 21st. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Crown Castle has a consensus rating of Hold and a consensus price target of $118.73.

Hedge Funds Weigh In On Crown Castle

Institutional investors have recently added to or reduced their stakes in the company. Almanack Investment Partners LLC. bought a new position in Crown Castle in the third quarter worth $28,000. PCA Investment Advisory Services Inc. bought a new position in shares of Crown Castle during the second quarter valued at $29,000. Main Street Group LTD bought a new position in shares of Crown Castle during the fourth quarter valued at $30,000. ICA Group Wealth Management LLC purchased a new stake in shares of Crown Castle during the fourth quarter valued at $37,000. Finally, Stonebridge Capital Advisors LLC boosted its position 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 valued at $42,000 after buying an additional 212 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

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.