Crown Castle (NYSE:CCI) Posts Quarterly Earnings Results, Misses Estimates By $1.03 EPS

Crown Castle (NYSE:CCI) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($1.03), Zacks reports. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. Crown Castle updated its FY24 guidance to $6.97 EPS and its FY 2024 guidance to 6.910-7.020 EPS.

Crown Castle Stock Performance

CCI traded up $0.45 during trading on Friday, hitting $112.20. 1,173,264 shares of the stock were exchanged, compared to its average volume of 2,631,354. The firm has a market capitalization of $48.76 billion, a P/E ratio of 41.10 and a beta of 0.85. Crown Castle has a 1-year low of $84.72 and a 1-year high of $120.92. The stock has a fifty day moving average price of $114.00 and a two-hundred day moving average price of $105.05. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.58%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is 229.30%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CCI shares. BMO Capital Markets lifted their price objective on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Barclays lifted their price objective on Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. TD Cowen decreased their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday. The Goldman Sachs Group boosted their target price on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company boosted their target price on Crown Castle from $100.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle presently has an average rating of “Hold” and a consensus target price of $115.64.

Insiders Place Their Bets

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

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.