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 6.910-7.020 for the period, compared to the consensus EPS estimate of 6.970. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.97 EPS.

Crown Castle Price Performance

NYSE CCI opened at $111.75 on Friday. The firm has a market capitalization of $48.56 billion, a PE ratio of 40.93 and a beta of 0.85. 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 has a 12 month low of $84.72 and a 12 month high of $120.92. The company’s 50 day simple moving average is $114.00 and its 200 day simple moving average is $105.05.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the prior year, the firm posted $1.77 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts forecast that Crown Castle will post 6.65 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.60%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 229.30%.

Analysts Set New Price Targets

CCI has been the subject of a number of recent analyst reports. BMO Capital Markets raised 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. Barclays boosted their target price on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Bank of America raised their target price on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. UBS Group upped their price target on Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $115.29.

Insider Buying and Selling at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction that occurred 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 directly owns 75,127 shares in the company, valued at approximately $7,792,172.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

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.