Crown Castle (NYSE:CCI) Issues Earnings Results, Misses Estimates By $0.92 EPS

Crown Castle (NYSE:CCI) released its earnings results on Wednesday. The real estate investment trust reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92), Yahoo Finance reports. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. Crown Castle had a net margin of 20.32% and a return on equity of 20.78%. The firm’s revenue was down 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.91 EPS. Crown Castle updated its FY24 guidance to $6.85-$6.97 EPS and its FY 2024 guidance to 6.850-6.970 EPS.

Crown Castle Stock Up 1.4 %

NYSE CCI opened at $94.37 on Friday. 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 stock has a market capitalization of $41.01 billion, a PE ratio of 29.49, a PEG ratio of 2.48 and a beta of 0.73. Crown Castle has a 1 year low of $84.72 and a 1 year high of $134.09. The business’s 50-day moving average is $105.15 and its 200 day moving average is $105.07.

Crown Castle Dividend Announcement

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

Institutional Trading of Crown Castle

Large investors have recently modified their holdings of the business. Moors & Cabot Inc. lifted its holdings in Crown Castle by 3.4% in the first quarter. Moors & Cabot Inc. now owns 2,734 shares of the real estate investment trust’s stock worth $505,000 after buying an additional 91 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Crown Castle by 33.4% during the first quarter. Sequoia Financial Advisors LLC now owns 3,954 shares of the real estate investment trust’s stock valued at $730,000 after acquiring an additional 991 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of Crown Castle by 4,497.6% during the first quarter. Loomis Sayles & Co. L P now owns 5,701 shares of the real estate investment trust’s stock valued at $1,052,000 after acquiring an additional 5,577 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in shares of Crown Castle by 12.3% during the first quarter. Brown Brothers Harriman & Co. now owns 4,802 shares of the real estate investment trust’s stock valued at $886,000 after acquiring an additional 525 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Crown Castle by 205.9% during the first quarter. Covestor Ltd now owns 878 shares of the real estate investment trust’s stock valued at $162,000 after acquiring an additional 591 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CCI shares. Argus cut Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday. Scotiabank reduced their price objective on Crown Castle from $133.00 to $118.00 and set a “sector perform” rating on the stock in a research note on Thursday. Jefferies Financial Group reduced their price objective on Crown Castle from $126.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday. BMO Capital Markets reduced their price objective on Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, Bank of America reduced their price objective on Crown Castle from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Crown Castle presently has a consensus rating of “Hold” and a consensus target price of $118.73.

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.