Crown Castle (NYSE:CCI - Get Free Report) posted its earnings results on Wednesday. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $1.73 by ($1.03), Zacks reports. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the firm earned $1.77 earnings per share. The business's quarterly revenue was down .9% on a year-over-year basis. Crown Castle updated its FY24 guidance to $6.97 EPS and its FY 2024 guidance to 6.910-7.020 EPS.
Shares of NYSE CCI opened at $115.78 on Thursday. Crown Castle has a twelve month low of $84.72 and a twelve month high of $120.92. The firm has a market cap of $50.31 billion, a PE ratio of 42.41 and a beta of 0.85. The business has a fifty day simple moving average of $113.98 and a two-hundred day simple moving average of $105.00. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $1.565 dividend. The ex-dividend date was Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.41%. Crown Castle's dividend payout ratio (DPR) is currently 229.30%.
Several research firms have recently issued reports on CCI. Barclays raised 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. Royal Bank of Canada raised their price target on Crown Castle from $100.00 to $104.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price objective on shares of Crown Castle from $115.00 to $124.00 and gave the stock a "neutral" rating in a research note on Monday, September 23rd. BMO Capital Markets increased their target price on shares of Crown Castle from $105.00 to $108.00 and gave the company a "market perform" rating in a research note on Thursday, July 18th. Finally, TD Cowen lifted their price target on shares of Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a research note on Thursday, July 18th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Crown Castle has an average rating of "Hold" and a consensus target price of $115.86.
Read Our Latest Report on CCI
In related news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares in the company, 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 legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.39% of the company's stock.
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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