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 earnings per share (EPS) guidance of 6.910-7.020 for the period, compared to the consensus estimate of 6.970. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.97 EPS.

Crown Castle Stock Performance

Shares of CCI stock opened at $112.45 on Friday. The stock has a market cap of $48.87 billion, a P/E ratio of 41.19 and a beta of 0.85. 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 company has a fifty day moving average price of $114.03 and a two-hundred day moving average price of $105.10. Crown Castle has a one year low of $84.72 and a one year high of $120.92.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.77 EPS. As a group, equities analysts predict that Crown Castle will post 6.65 EPS for the current year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 5.57%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s payout ratio is presently 229.30%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CCI. UBS Group increased their price objective on shares of Crown Castle from $103.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company increased their price objective on shares of Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group increased their price objective on shares of Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $116.47.

Insider Buying and Selling at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 75,127 shares in the company, valued at approximately $7,792,172.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.