RPG Investment Advisory LLC purchased a new position in CROWN CASTLE IN/SH SH (NYSE:CCI) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 468 shares of the real estate investment trust’s stock, valued at approximately $60,000.
A number of other hedge funds have also made changes to their positions in the stock. CX Institutional raised its holdings in CROWN CASTLE IN/SH SH by 160.7% in the first quarter. CX Institutional now owns 232 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 143 shares in the last quarter. Capital Investment Advisory Services LLC bought a new position in CROWN CASTLE IN/SH SH in the fourth quarter worth $26,000. Covington Capital Management bought a new position in CROWN CASTLE IN/SH SH in the fourth quarter worth $29,000. Athena Capital Advisors LLC bought a new position in CROWN CASTLE IN/SH SH in the fourth quarter worth $33,000. Finally, Doyle Wealth Management bought a new position in CROWN CASTLE IN/SH SH in the fourth quarter worth $33,000. 93.18% of the stock is owned by institutional investors.
Shares of NYSE:CCI traded down $1.47 on Monday, hitting $127.40. 2,225,084 shares of the company traded hands, compared to its average volume of 1,906,578. CROWN CASTLE IN/SH SH has a 52 week low of $98.85 and a 52 week high of $130.60. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $53.55 billion, a PE ratio of 23.25, a PEG ratio of 1.48 and a beta of 0.42.
CROWN CASTLE IN/SH SH (NYSE:CCI) last issued its quarterly earnings results on Wednesday, January 23rd. The real estate investment trust reported $0.44 earnings per share for the quarter, meeting the consensus estimate of $0.44. CROWN CASTLE IN/SH SH had a return on equity of 5.17% and a net margin of 11.86%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. CROWN CASTLE IN/SH SH’s revenue was up 14.6% compared to the same quarter last year. On average, sell-side analysts anticipate that CROWN CASTLE IN/SH SH will post 5.6 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $1.125 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $4.50 annualized dividend and a dividend yield of 3.53%. CROWN CASTLE IN/SH SH’s payout ratio is presently 82.12%.
In related news, SVP Michael Joseph Kavanagh sold 2,500 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $120.06, for a total transaction of $300,150.00. Following the sale, the senior vice president now directly owns 38,471 shares of the company’s stock, valued at $4,618,828.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward C. Hutcheson, Jr. acquired 350 shares of the company’s stock in a transaction that occurred on Friday, February 8th. The shares were acquired at an average cost of $117.95 per share, for a total transaction of $41,282.50. Following the completion of the transaction, the director now directly owns 59,187 shares of the company’s stock, valued at $6,981,106.65. The disclosure for this purchase can be found here. 0.36% of the stock is owned by company insiders.
CCI has been the subject of a number of research reports. Zacks Investment Research upgraded CROWN CASTLE IN/SH SH from a “sell” rating to a “hold” rating in a report on Tuesday, January 15th. Goldman Sachs Group downgraded CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating and set a $110.00 price objective for the company. in a report on Monday, January 14th. Morgan Stanley increased their price objective on CROWN CASTLE IN/SH SH from $120.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, March 11th. Bank of America increased their price objective on CROWN CASTLE IN/SH SH from $119.00 to $133.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Finally, Raymond James upgraded CROWN CASTLE IN/SH SH from a “mkt perform” rating to an “outperform” rating in a report on Thursday, January 3rd. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $122.50.
About CROWN CASTLE IN/SH SH
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 65,000 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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