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

Crown Castle (NYSE:CCI) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 6.910-7.020 for the period, compared to the consensus earnings per share estimate of 6.970. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.97 EPS.

Crown Castle Stock Performance

Shares of CCI stock opened at $115.78 on Thursday. The stock has a market cap of $50.31 billion, a P/E ratio of 42.41 and a beta of 0.85. The company has a fifty day moving average price of $113.98 and a two-hundred day moving average price of $105.00. Crown Castle has a one year low of $84.72 and a one year high of $120.92. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter last year, the company posted $2.05 earnings per share. Crown Castle’s quarterly revenue was down 12.9% on a year-over-year basis. As a group, equities analysts predict that Crown Castle will post 6.65 EPS for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 229.30%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CCI. TD Cowen increased their target price on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. BMO Capital Markets lifted their price objective on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Royal Bank of Canada increased their target price on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Barclays lifted their price target on shares of Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, Bank of America increased their price target on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $115.86.

Insider Activity

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the sale, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.39% of the stock is owned by corporate insiders.

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.