Crown Castle (NYSE:CCI) Issues FY24 Earnings Guidance

Crown Castle (NYSE:CCI) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $6.97 for the period, compared to the consensus earnings per share estimate of $6.96. Crown Castle also updated its FY 2024 guidance to 6.910-7.020 EPS.

Crown Castle Trading Up 1.2 %

CCI stock traded up $1.38 during midday trading on Wednesday, hitting $115.68. The stock had a trading volume of 2,097,858 shares, compared to its average volume of 2,632,420. Crown Castle has a 12-month low of $84.72 and a 12-month high of $120.92. The company’s 50-day moving average price is $113.89 and its 200 day moving average price is $104.92. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $50.27 billion, a PE ratio of 35.72 and a beta of 0.85.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company’s quarterly revenue was down 12.9% on a year-over-year basis. During the same period last year, the company earned $2.05 earnings per share. On average, equities research analysts predict that Crown Castle will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio is presently 195.63%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CCI. BMO Capital Markets lifted their price target 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. 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. TD Cowen lifted their price target on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Royal Bank of Canada increased their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $115.67.

Insider Activity at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle 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 transaction, the chief operating officer now 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.39% of the stock is owned by insiders.

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.