Crown Castle (NYSE:CCI) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Crown Castle (NYSE:CCI) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02), FiscalAI reports. The company had revenue of $995.00 million for the quarter, compared to analyst estimates of $1.01 billion. Crown Castle had a net margin of 20.71% and a negative return on equity of 51.60%.

Crown Castle Stock Performance

Shares of NYSE:CCI traded down $2.29 during midday trading on Wednesday, hitting $78.85. The company’s stock had a trading volume of 6,748,623 shares, compared to its average volume of 3,750,197. The stock has a market capitalization of $33.55 billion, a price-to-earnings ratio of 40.02, a PEG ratio of 0.73 and a beta of 0.94. The stock’s 50 day simple moving average is $74.07 and its 200 day simple moving average is $80.62. Crown Castle has a fifty-two week low of $65.32 and a fifty-two week high of $100.50.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date was Tuesday, September 15th. Crown Castle’s dividend payout ratio is 215.74%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CCI shares. Truist Financial cut their price objective on Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. Royal Bank Of Canada lowered their price target on Crown Castle from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Citigroup reissued a “market outperform” rating on shares of Crown Castle in a research report on Friday, July 24th. Barclays lifted their price target on shares of Crown Castle from $84.00 to $86.00 and gave the company an “overweight” rating in a research report on Wednesday, September 30th. Finally, The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research note on Friday, June 26th. They issued a “neutral” rating and a $95.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $93.97.

Insider Activity at Crown Castle

In other news, VP Robert Collins sold 1,500 shares of Crown Castle stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares in the company, valued at approximately $388,025.57. The trade was a 22.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.

About Crown Castle

Crown Castle Inc (NYSE: CCI) is a real estate investment trust that owns, operates and leases communications infrastructure in the United States. Its assets support wireless carriers, broadcasters, government agencies and other communications providers by enabling the transmission of voice, data and video services.

The company’s infrastructure has historically included approximately 40,000 cell towers, about 90,000 route miles of fiber and a large portfolio of small-cell installations.