Crown Castle (NYSE:CCI) Posts Earnings Results, Misses Expectations By $1.03 EPS

Crown Castle (NYSE:CCI) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03), Zacks reports. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter last year, the company earned $1.77 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. Crown Castle updated its FY24 guidance to $6.97 EPS and its FY 2024 guidance to 6.910-7.020 EPS.

Crown Castle Trading Up 1.3 %

Shares of NYSE:CCI opened at $115.78 on Thursday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. Crown Castle has a 12-month low of $84.72 and a 12-month high of $120.92. The business has a 50 day moving average of $113.98 and a two-hundred day moving average of $105.00. The company has a market capitalization of $50.31 billion, a PE ratio of 42.41 and a beta of 0.85.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.41%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is 229.30%.

Insider Activity

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the transaction, the chief operating officer now directly owns 75,127 shares in the company, valued at $7,792,172.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CCI shares. Bank of America increased their price objective on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Royal Bank of Canada increased their price target on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. boosted their price target on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Barclays increased their price objective on shares of Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of 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 four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $115.86.

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.