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 (EPS) guidance of $6.85-$6.97 for the period, compared to the consensus estimate of $6.91.

Crown Castle Trading Down 1.0 %

Crown Castle stock traded down $0.91 during trading hours on Wednesday, reaching $93.05. 3,979,321 shares of the company’s stock were exchanged, compared to its average volume of 2,780,042. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46. The firm’s 50 day simple moving average is $105.69 and its 200 day simple moving average is $105.23. Crown Castle has a twelve month low of $84.72 and a twelve month high of $134.09. The firm has a market capitalization of $40.43 billion, a PE ratio of 27.15, a PEG ratio of 2.54 and a beta of 0.73.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $1.565 per share. The ex-dividend date was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a yield of 6.73%. Crown Castle’s payout ratio is currently 180.92%.

Analyst Upgrades and Downgrades

CCI has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their price target on Crown Castle from $92.00 to $109.00 and gave the stock a sector perform rating in a report on Wednesday, February 21st. BMO Capital Markets upgraded Crown Castle from an underperform rating to a market perform rating and raised their target price for the company from $107.00 to $110.00 in a research note on Friday, January 19th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $118.93.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Magnolia Capital Advisors LLC grew its stake in Crown Castle by 3.2% in the 4th quarter. Magnolia Capital Advisors LLC now owns 2,375 shares of the real estate investment trust’s stock valued at $322,000 after buying an additional 73 shares in the last quarter. Summit Financial Group Inc. grew its stake in Crown Castle by 5.5% in the 3rd quarter. Summit Financial Group Inc. now owns 1,638 shares of the real estate investment trust’s stock valued at $237,000 after buying an additional 85 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in Crown Castle by 2.4% in the 1st quarter. Orion Portfolio Solutions LLC now owns 3,678 shares of the real estate investment trust’s stock valued at $679,000 after buying an additional 86 shares in the last quarter. Townsend & Associates Inc grew its stake in Crown Castle by 5.7% in the 4th quarter. Townsend & Associates Inc now owns 1,682 shares of the real estate investment trust’s stock valued at $238,000 after buying an additional 90 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in Crown Castle by 3.4% in the 1st quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock valued at $505,000 after buying an additional 91 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

About Crown Castle

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.