Crown Castle (NYSE:CCI) Shares Gap Down on Disappointing Earnings

Shares of Crown Castle Inc. (NYSE:CCI) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $115.68, but opened at $112.00. Crown Castle shares last traded at $111.09, with a volume of 446,548 shares changing hands.

The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.77 earnings per share.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $1.565 dividend. The ex-dividend date was Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.57%. Crown Castle’s dividend payout ratio is 229.30%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America raised their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Barclays raised their target price on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. TD Cowen dropped their target price on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Finally, BMO Capital Markets raised their target price on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Crown Castle currently has an average rating of “Hold” and an average price target of $116.47.

Insider Transactions at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction 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 completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Crown Castle

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Los Angeles Capital Management LLC raised its position in shares of Crown Castle by 594.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 15,699 shares of the real estate investment trust’s stock valued at $1,661,000 after buying an additional 13,439 shares in the last quarter. Mather Group LLC. acquired a new position in Crown Castle during the first quarter valued at approximately $125,000. BTC Capital Management Inc. bought a new stake in Crown Castle during the first quarter worth $261,000. Gulf International Bank UK Ltd boosted its holdings in shares of Crown Castle by 1.2% in the 1st quarter. Gulf International Bank UK Ltd now owns 36,026 shares of the real estate investment trust’s stock valued at $3,812,000 after purchasing an additional 440 shares in the last quarter. Finally, &PARTNERS increased its stake in shares of Crown Castle by 73.6% in the 1st quarter. &PARTNERS now owns 4,981 shares of the real estate investment trust’s stock valued at $527,000 after purchasing an additional 2,112 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Stock Performance

The company has a 50 day moving average price of $114.03 and a 200-day moving average price of $105.10. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The company has a market cap of $48.87 billion, a P/E ratio of 41.19 and a beta of 0.85.

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.