Crown Castle (NYSE:CCI) Updates FY24 Earnings Guidance

Crown Castle (NYSE:CCI) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $6.97 for the period, compared to the consensus EPS estimate of $6.96. Crown Castle also updated its FY 2024 guidance to 6.910-7.020 EPS.

Crown Castle Stock Up 1.3 %

Shares of CCI opened at $115.78 on Thursday. The business’s 50 day simple moving average is $113.98 and its 200-day simple moving average is $105.00. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. Crown Castle has a one year low of $84.72 and a one year high of $120.92. The company has a market capitalization of $50.31 billion, a P/E ratio of 42.41 and a beta of 0.85.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. The company’s revenue was down 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Crown Castle will post 6.65 EPS for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders 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 is 229.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CCI. TD Cowen raised their price target on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. lifted 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. 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 report on Tuesday, July 23rd. The Goldman Sachs Group lifted their target price 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. Finally, Barclays increased their price target on Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Eleven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Crown Castle currently has an average rating of “Hold” and an average target price of $115.86.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was 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 of the company’s stock, valued at approximately $7,792,172.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.39% of the stock is currently owned by company 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.