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

Crown Castle (NYSE:CCIGet Free Report) 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 Down 1.0 %

Shares of NYSE CCI opened at $93.03 on Thursday. The stock’s 50 day moving average price is $105.41 and its two-hundred day moving average price is $105.15. Crown Castle has a 52-week low of $84.72 and a 52-week high of $134.09. The stock has a market capitalization of $40.42 billion, a P/E ratio of 26.89, a PEG ratio of 2.50 and a beta of 0.73. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46.

Crown Castle (NYSE:CCIGet Free Report) last posted its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.92). The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. Crown Castle had a net margin of 21.47% and a return on equity of 21.95%. The firm’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same period last year, the company posted $1.91 earnings per share. On average, analysts anticipate that Crown Castle will post 6.59 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

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

Analyst Ratings Changes

CCI has been the subject of several recent research reports. Royal Bank of Canada upped their target price on Crown Castle from $92.00 to $109.00 and gave the company a sector perform rating in a report on Wednesday, February 21st. BMO Capital Markets lowered their target price on Crown Castle from $110.00 to $105.00 and set a market perform rating for the company in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $118.57.

Check Out Our Latest Report on Crown Castle

Hedge Funds Weigh In On Crown Castle

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Moors & Cabot Inc. lifted its position in 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 purchasing an additional 91 shares during the period. Sequoia Financial Advisors LLC lifted its position in 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 purchasing an additional 991 shares during the period. Loomis Sayles & Co. L P lifted its position in 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 purchasing an additional 5,577 shares during the period. Brown Brothers Harriman & Co. lifted its position in 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 lifted its position in 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 owned by institutional investors.

Crown Castle Company Profile

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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.

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Earnings History and Estimates for Crown Castle (NYSE:CCI)

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