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

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

Wall Street Analyst Weigh In

Several research firms recently commented on CCI. Royal Bank of Canada raised their target price on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a report on Wednesday, February 21st. BMO Capital Markets lowered their price target on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a research report on Thursday. Scotiabank decreased their target price on Crown Castle from $133.00 to $118.00 and set a sector perform rating on the stock in a research report on Thursday. Argus downgraded Crown Castle from a buy rating to a hold rating in a research report on Friday. Finally, Wells Fargo & Company decreased their target price on Crown Castle from $115.00 to $100.00 and set an equal weight rating on the stock in a research report on Friday. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $117.73.

Crown Castle Trading Up 0.9 %

NYSE:CCI opened at $95.26 on Friday. The firm has a market cap of $41.39 billion, a PE ratio of 29.77, a price-to-earnings-growth ratio of 2.51 and a beta of 0.73. The stock has a fifty day moving average price of $104.88 and a 200 day moving average price of $105.10. Crown Castle has a 12-month low of $84.72 and a 12-month high of $131.43. The company has a current ratio of 0.42, a quick ratio of 0.40 and a debt-to-equity ratio of 3.73.

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

Crown Castle Dividend Announcement

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

Institutional Trading of Crown Castle

Institutional investors and hedge funds have recently made changes to their positions in the company. Almanack Investment Partners LLC. purchased a new stake in shares of Crown Castle in the 3rd quarter valued at about $28,000. PCA Investment Advisory Services Inc. acquired a new position in Crown Castle in the 2nd quarter valued at about $29,000. Main Street Group LTD acquired a new position in Crown Castle in the 4th quarter valued at about $30,000. ICA Group Wealth Management LLC acquired a new position in Crown Castle in the 4th quarter valued at about $37,000. Finally, Stonebridge Capital Advisors LLC increased its position 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 hedge funds and other institutional investors.

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.