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

Crown Castle (NYSE:CCI) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Crown Castle Trading Up 1.4 %

NYSE:CCI opened at $94.37 on Friday. The stock has a 50-day simple moving average of $105.15 and a 200-day simple moving average of $105.07. The stock 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. Crown Castle has a 1 year low of $84.72 and a 1 year high of $134.09. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.40 and a current ratio of 0.40.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share 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 net margin of 20.32% and a return on equity of 20.78%. The firm’s revenue for the quarter was down 7.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.91 earnings per share. As a group, analysts anticipate 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. Shareholders of record on Friday, March 15th were paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.63%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Argus cut Crown Castle from a buy rating to a hold rating in a research report on Friday. Jefferies Financial Group dropped their target price on Crown Castle from $126.00 to $123.00 and set a buy rating on the stock in a research report on Thursday. Bank of America dropped their target price on Crown Castle from $120.00 to $105.00 and set a neutral rating on the stock in a research report on Friday. BMO Capital Markets dropped their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada upped their price target on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a report on Wednesday, February 21st. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $118.73.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Crown Castle in the fourth quarter valued at about $642,077,000. Moneta Group Investment Advisors LLC raised its position in Crown Castle by 90,084.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,487,430 shares of the real estate investment trust’s stock valued at $473,035,000 after purchasing an additional 3,483,563 shares during the period. Barclays PLC raised its position in Crown Castle by 78.7% in the fourth quarter. Barclays PLC now owns 5,463,901 shares of the real estate investment trust’s stock valued at $629,386,000 after purchasing an additional 2,405,768 shares during the period. Legal & General Group Plc raised its position in Crown Castle by 7.8% in the fourth quarter. Legal & General Group Plc now owns 6,004,229 shares of the real estate investment trust’s stock valued at $691,627,000 after purchasing an additional 435,748 shares during the period. Finally, CI Private Wealth LLC purchased a new position in Crown Castle in the fourth quarter valued at about $54,987,000. 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.