NEW YORK (TheStreet) -- Shares of Crown Castle International Corp. (CCI) - Get Report closed down 6.15% to $78.12 on very heavy trading volume today after the real estate investment trust company forecast a disappointing 2015, overshadowing its plans to more than double its dividend, according to Bloomberg Businessweek.
Crown Castle said adjusted funds from operations will be $4.31 to $4.37 a share in 2015, compared with the $4.47 average estimate of analysts compiled by Bloomberg.
Rental revenue will increase about 4% next year, with growth dragged down because the new owners of tenants like MetroPCS Communications and Leap Wireless International have decided not to renew a significant amount of leases, the company said yesterday.
With the unexpected non-renewals, the 2015 outlook is "very weak," said Philip Cusick, an analyst at JPMorgan Chase & Co., in a research note.
The quarterly payout will rise to 82 cents a share from 35 cents, Crown Castle said.
Separately, TheStreet Ratings team rates CROWN CASTLE INTL CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CROWN CASTLE INTL CORP (CCI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, increase in stock price during the past year, compelling growth in net income and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
- You can view the full analysis from the report here: CCI Ratings Report