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

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

Crown Castle Trading Down 1.0 %

CCI stock traded down $0.93 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 business has a fifty day simple moving average of $105.69 and a two-hundred day simple moving average of $105.23. Crown Castle has a 12-month low of $84.72 and a 12-month high of $134.09. The firm has a market cap of $40.42 billion, a PE ratio of 27.15, a PEG ratio of 2.54 and a beta of 0.73. The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.40 and a current ratio of 0.40.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued 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 yield of 6.73%. Crown Castle’s dividend payout ratio (DPR) is 180.92%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank of Canada increased their price objective 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 increased their price objective for the stock from $107.00 to $110.00 in a report on Friday, January 19th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Crown Castle has a consensus rating of Hold and an average target price of $118.93.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Certified Advisory Corp acquired a new position in Crown Castle in the first quarter worth about $150,000. Mango Five Family Inc. bought a new stake in Crown Castle during the fourth quarter worth approximately $138,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings 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 worth $86,000 after purchasing an additional 551 shares in the last quarter. Carolinas Wealth Consulting LLC increased its holdings in shares of 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 valued at $70,000 after buying an additional 208 shares in the last quarter. Finally, Castleview Partners LLC increased its holdings in shares of Crown Castle by 27.3% in the second quarter. Castleview Partners LLC now owns 573 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 123 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.