Crown Castle (NYSE:CCI) Releases Earnings Results, Misses Estimates By $1.03 EPS

Crown Castle (NYSE:CCI) posted its quarterly earnings results 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. The business 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 firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.77 earnings per share. 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 %

NYSE CCI opened at $115.78 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock has a market capitalization of $50.31 billion, a P/E ratio of 42.41 and a beta of 0.85. Crown Castle has a 52-week low of $84.72 and a 52-week high of $120.92. The firm has a 50-day moving average price of $113.98 and a 200 day moving average price of $105.00.

Crown Castle Dividend Announcement

The company 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 annualized dividend and a dividend yield of 5.41%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 229.30%.

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 stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. This trade represents a 0.00 % decrease in their position. 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 corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. 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 report on Tuesday, August 13th. The Goldman Sachs Group raised their price objective on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Barclays upped their target price on shares of Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. TD Cowen lifted their price target on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Crown Castle has an average rating of “Hold” and an average 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.