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 Trading Up 1.2 %

Shares of CCI traded up $1.38 during trading hours on Wednesday, hitting $115.68. The company had a trading volume of 2,098,555 shares, compared to its average volume of 2,632,424. The firm has a market cap of $50.27 billion, a P/E ratio of 35.72 and a beta of 0.85. The stock’s 50 day moving average price is $113.89 and its 200 day moving average price is $104.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. Crown Castle has a 52-week low of $84.72 and a 52-week high of $120.92.

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

Crown Castle Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CCI shares. Royal Bank of Canada raised their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Bank of America raised their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. BMO Capital Markets raised their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. The Goldman Sachs Group raised their target price on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their target price on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Eleven 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.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $115.67.

Insider Transactions at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was 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 of the company’s stock, valued at $7,792,172.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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.