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 Price Performance

NYSE:CCI traded down $0.91 during mid-day trading on Wednesday, hitting $93.05. 3,977,881 shares of the stock traded hands, compared to its average volume of 2,766,452. The business’s 50-day moving average price is $105.69 and its 200 day moving average price is $105.23. The company has a market cap of $40.43 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 2.54 and a beta of 0.73. Crown Castle has a 12-month low of $84.72 and a 12-month high of $134.09. 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 Announces Dividend

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

Analyst Ratings Changes

Several brokerages have commented on CCI. BMO Capital Markets upgraded shares of Crown Castle from an underperform rating to a market perform rating and upped their price objective for the stock from $107.00 to $110.00 in a report on Friday, January 19th. Royal Bank of Canada increased their price objective 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. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $118.93.

Hedge Funds Weigh In On Crown Castle

Hedge funds have recently modified their holdings of the stock. Almanack Investment Partners LLC. acquired a new position in shares of Crown Castle during the 3rd quarter worth about $28,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Crown Castle in the 2nd quarter valued at approximately $29,000. Main Street Group LTD bought a new stake in shares of Crown Castle in the 4th quarter valued at approximately $30,000. ICA Group Wealth Management LLC bought a new stake in shares of Crown Castle in the 4th quarter valued at approximately $37,000. Finally, Stonebridge Capital Advisors LLC boosted its holdings in shares of Crown Castle by 214.1% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 311 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 212 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.