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

Crown Castle (NYSE:CCI) updated its FY 2024 earnings guidance on Wednesday. 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 Price Performance

Crown Castle stock traded up $1.38 during mid-day trading on Wednesday, reaching $115.68. 2,098,555 shares of the company were exchanged, compared to its average volume of 2,632,424. The company has a fifty day simple moving average of $113.89 and a 200-day simple moving average of $104.92. Crown Castle has a 12 month low of $84.72 and a 12 month high of $120.92. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $50.27 billion, a PE ratio of 35.72 and a beta of 0.85.

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

Crown Castle Dividend Announcement

The business also recently announced 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 was Friday, September 13th. Crown Castle’s payout ratio is presently 195.63%.

Wall Street Analyst Weigh In

CCI has been the topic of a number of recent analyst reports. Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. TD Cowen boosted their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price objective on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Bank of America boosted their price objective on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $115.67.

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 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is owned by corporate insiders.

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.