Crown Castle (NYSE:CCI) Updates FY 2024 Earnings Guidance

Crown Castle (NYSE:CCI) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 6.850-6.970 for the period, compared to the consensus earnings per share estimate of 6.880. The company issued revenue guidance of -. Crown Castle also updated its FY24 guidance to $6.85-$6.97 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Crown Castle from $92.00 to $109.00 and gave the company a sector perform rating in a research report on Wednesday, February 21st. BMO Capital Markets upgraded shares of Crown Castle from an underperform rating to a market perform rating and lifted their target price for the company from $107.00 to $110.00 in a research report on Friday, January 19th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Crown Castle currently has a consensus rating of Hold and a consensus target price of $118.93.

Crown Castle Stock Down 1.0 %

Shares of NYSE:CCI traded down $0.93 during midday trading on Wednesday, reaching $93.03. The company’s stock had a trading volume of 3,984,341 shares, compared to its average volume of 2,780,121. The firm has a 50 day moving average of $105.69 and a 200-day moving average of $105.23. The firm has a market capitalization of $40.42 billion, a P/E ratio of 27.15, a PEG ratio of 2.54 and a beta of 0.73. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.46. Crown Castle has a 12-month low of $84.72 and a 12-month high of $134.09.

Crown Castle Announces Dividend

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

Hedge Funds Weigh In On Crown Castle

A number of hedge funds have recently bought and sold shares of CCI. Almanack Investment Partners LLC. bought a new position in Crown Castle during the 3rd quarter valued at about $28,000. PCA Investment Advisory Services Inc. bought a new position in Crown Castle during the 2nd quarter valued at about $29,000. Main Street Group LTD bought a new position in Crown Castle during the 4th quarter valued at about $30,000. ICA Group Wealth Management LLC bought a new position in Crown Castle during the 4th quarter valued at about $37,000. Finally, Stonebridge Capital Advisors LLC lifted its stake in Crown Castle by 214.1% during the 4th quarter. Stonebridge Capital Advisors LLC now owns 311 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 212 shares during the period. Institutional investors own 90.77% 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.