Crown Castle (NYSE:CCI) Updates FY24 Earnings Guidance

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

Crown Castle Price Performance

Shares of NYSE CCI opened at $93.03 on Thursday. Crown Castle has a fifty-two week low of $84.72 and a fifty-two week high of $134.09. The business has a 50 day moving average price of $105.41 and a two-hundred day moving average price of $105.15. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46. The firm has a market cap of $40.42 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 2.50 and a beta of 0.73.

Crown Castle (NYSE:CCI) last released its earnings results 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 firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business earned $1.91 EPS. The company’s quarterly revenue was down 7.4% on a year-over-year basis. Sell-side analysts expect that Crown Castle will post 6.59 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 6.73%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio (DPR) is 180.92%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. BMO Capital Markets cut their price target on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a report on Thursday. Royal Bank of Canada lifted their price target 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. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Crown Castle currently has a consensus rating of Hold and an average price target of $118.57.

Hedge Funds Weigh In On Crown Castle

A number of hedge funds have recently modified their holdings of the stock. Moors & Cabot Inc. boosted its position in shares of Crown Castle by 3.4% in the first quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock worth $505,000 after buying an additional 91 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Crown Castle by 33.4% in the first quarter. Sequoia Financial Advisors LLC now owns 3,954 shares of the real estate investment trust’s stock worth $730,000 after buying an additional 991 shares during the last quarter. Loomis Sayles & Co. L P lifted its position in shares of Crown Castle by 4,497.6% in the first quarter. Loomis Sayles & Co. L P now owns 5,701 shares of the real estate investment trust’s stock worth $1,052,000 after buying an additional 5,577 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of Crown Castle by 12.3% in the first quarter. Brown Brothers Harriman & Co. now owns 4,802 shares of the real estate investment trust’s stock worth $886,000 after purchasing an additional 525 shares during the period. Finally, Covestor Ltd increased its stake in shares of Crown Castle by 205.9% in the first quarter. Covestor Ltd now owns 878 shares of the real estate investment trust’s stock worth $162,000 after purchasing an additional 591 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.