Crown Castle (NYSE:CCI) Releases FY24 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Stock Performance

Shares of CCI opened at $112.45 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. 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 50-day moving average of $114.03 and a two-hundred day moving average of $105.10. Crown Castle has a 12-month low of $84.72 and a 12-month high of $120.92.

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

Crown Castle Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio is presently 229.30%.

Analysts Set New Price Targets

CCI has been the subject of a number of analyst reports. Jefferies Financial Group boosted their price objective on shares of Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group boosted 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. The Goldman Sachs Group boosted 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. Citigroup set a $128.00 price objective on shares of Crown Castle in a research report on Thursday. Finally, TD Cowen cut their price objective on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle currently has a consensus rating of “Hold” and an average target price of $116.47.

Insiders Place Their Bets

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’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 transaction of $1,128,784.76. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is owned by insiders.

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.