Crown Castle (NYSE:CCI) Releases 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 6.910-7.020 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 Trading Up 1.2 %

Shares of CCI traded up $1.38 on Wednesday, reaching $115.68. 2,097,858 shares of the company’s stock were exchanged, compared to its average volume of 2,632,420. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock has a market capitalization of $50.27 billion, a P/E ratio of 35.72 and a beta of 0.85. The business has a 50 day moving average price of $113.89 and a two-hundred day moving average price of $104.92. Crown Castle has a 12 month low of $84.72 and a 12 month high of $120.92.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. Crown Castle’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.05 earnings per share. Research analysts anticipate that Crown Castle will post 6.64 earnings per share 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 dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CCI shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. BMO Capital Markets upped their target price on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. TD Cowen upped their target price on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. upped their target price on shares of Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Finally, Bank of America upped their target price on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Crown Castle currently has an average rating of “Hold” and an average price target of $115.67.

Insider Activity

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the transaction, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

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.