Crown Castle (NYSE:CCI) Releases FY24 Earnings Guidance

Crown Castle (NYSE:CCI) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $6.85-$6.97 for the period, compared to the consensus EPS estimate of $6.91. Crown Castle also updated its FY 2024 guidance to 6.850-6.970 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CCI. Argus lowered Crown Castle from a buy rating to a hold rating in a research report on Friday. Scotiabank dropped their target price on Crown Castle from $133.00 to $118.00 and set a sector perform rating for the company in a report on Thursday. Royal Bank of Canada raised their price target on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a research report on Wednesday, February 21st. Wells Fargo & Company cut their price objective on shares of Crown Castle from $115.00 to $100.00 and set an equal weight rating on the stock in a research report on Friday. Finally, BMO Capital Markets reduced their target price on shares of Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $117.73.

Crown Castle Trading Up 0.9 %

Shares of CCI opened at $95.26 on Friday. The firm has a market capitalization of $41.39 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 2.51 and a beta of 0.73. The company has a debt-to-equity ratio of 3.73, a current ratio of 0.42 and a quick ratio of 0.40. Crown Castle has a 1-year low of $84.72 and a 1-year high of $131.43. The company has a 50-day moving average of $104.88 and a 200 day moving average of $105.10.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) 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 the consensus estimate of $1.63 billion. Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. 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 earned $1.91 EPS. On average, research analysts expect that Crown Castle will post 6.59 EPS for the current year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $1.565 dividend. The ex-dividend date was Thursday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.57%. Crown Castle’s payout ratio is currently 195.63%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCI. Magnolia Capital Advisors LLC lifted its position in shares of Crown Castle by 3.2% in the 4th quarter. Magnolia Capital Advisors LLC now owns 2,375 shares of the real estate investment trust’s stock worth $322,000 after purchasing an additional 73 shares during the period. Summit Financial Group Inc. raised its stake in Crown Castle by 5.5% in the third quarter. Summit Financial Group Inc. now owns 1,638 shares of the real estate investment trust’s stock worth $237,000 after buying an additional 85 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in Crown Castle by 2.4% in the first quarter. Orion Portfolio Solutions LLC now owns 3,678 shares of the real estate investment trust’s stock worth $679,000 after buying an additional 86 shares in the last quarter. Townsend & Associates Inc lifted its holdings in Crown Castle by 5.7% during the fourth quarter. Townsend & Associates Inc now owns 1,682 shares of the real estate investment trust’s stock worth $238,000 after buying an additional 90 shares during the period. Finally, Moors & Cabot Inc. boosted its position in Crown Castle by 3.4% during the 1st quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock valued at $505,000 after acquiring an additional 91 shares in the last quarter. 90.77% of the stock is currently owned by 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.