Crown Castle (NYSE:CCI) Updates FY24 Earnings Guidance

Crown Castle (NYSE:CCIGet Free Report) updated its FY24 earnings guidance on Wednesday. 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 also updated its FY 2024 guidance to 6.850-6.970 EPS.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Royal Bank of Canada boosted their target price on shares of 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 dropped their target price on shares of Crown Castle from $110.00 to $105.00 and set a market perform rating on the stock in a report on Thursday. Scotiabank dropped their target price on shares of Crown Castle from $133.00 to $118.00 and set a sector perform rating on the stock in a report on Thursday. Finally, Jefferies Financial Group dropped their target price on shares of Crown Castle from $126.00 to $123.00 and set a buy rating on the stock in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $119.40.

View Our Latest Analysis on CCI

Crown Castle Stock Up 1.4 %

CCI stock opened at $94.37 on Friday. Crown Castle has a 52-week low of $84.72 and a 52-week high of $134.09. The company’s 50 day simple moving average is $105.15 and its 200-day simple moving average is $105.07. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market capitalization of $41.01 billion, a P/E ratio of 29.49, a P/E/G ratio of 2.48 and a beta of 0.73.

Crown Castle (NYSE:CCIGet Free Report) last announced its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). Crown Castle had a net margin of 20.32% and a return on equity of 20.78%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm posted $1.91 earnings per share. The business’s revenue for the quarter was down 7.4% on a year-over-year basis. As a group, equities research analysts anticipate that Crown Castle will post 6.59 EPS for the current year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.63%. The ex-dividend date was Thursday, March 14th. Crown Castle’s payout ratio is presently 195.63%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Certified Advisory Corp purchased a new position in Crown Castle during the first quarter valued at approximately $150,000. Mango Five Family Inc. purchased a new position in Crown Castle during the fourth quarter valued at approximately $138,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in Crown Castle by 648.2% during the fourth quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 636 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 551 shares in the last quarter. Carolinas Wealth Consulting LLC grew its position in Crown Castle by 65.6% in the first quarter. Carolinas Wealth Consulting LLC now owns 525 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 208 shares in the last quarter. Finally, Castleview Partners LLC grew its position in Crown Castle by 27.3% in the second quarter. Castleview Partners LLC now owns 573 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 123 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

About Crown Castle

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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.

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Earnings History and Estimates for Crown Castle (NYSE:CCI)

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