Forsta AP Fonden Sells 44,100 Shares of Crown Castle Inc. (NYSE:CCI)

Forsta AP Fonden cut its holdings in Crown Castle Inc. (NYSE:CCI) by 29.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 104,300 shares of the real estate investment trust’s stock after selling 44,100 shares during the period. Forsta AP Fonden’s holdings in Crown Castle were worth $10,871,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CCI. Federated Hermes Inc. lifted its position in Crown Castle by 210.3% in the 4th quarter. Federated Hermes Inc. now owns 5,961 shares of the real estate investment trust’s stock valued at $541,000 after acquiring an additional 4,040 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Crown Castle by 12.5% during the 4th quarter. Bank of Nova Scotia now owns 63,312 shares of the real estate investment trust’s stock valued at $5,746,000 after buying an additional 7,043 shares during the period. Renaissance Technologies LLC bought a new position in shares of Crown Castle during the 4th quarter valued at $2,442,000. Bessemer Group Inc. lifted its holdings in shares of Crown Castle by 1.3% during the 4th quarter. Bessemer Group Inc. now owns 71,742 shares of the real estate investment trust’s stock valued at $6,512,000 after buying an additional 928 shares during the period. Finally, F M Investments LLC lifted its holdings in shares of Crown Castle by 19.0% during the 4th quarter. F M Investments LLC now owns 13,472 shares of the real estate investment trust’s stock valued at $1,223,000 after buying an additional 2,152 shares during the period. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Performance

Shares of CCI stock opened at $104.58 on Friday. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $120.92. The firm has a market capitalization of $45.54 billion, a PE ratio of -9.80, a PEG ratio of 0.79 and a beta of 0.89. The stock has a fifty day simple moving average of $103.33 and a two-hundred day simple moving average of $99.83.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 earnings per share. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.67 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle’s dividend payout ratio (DPR) is presently -39.83%.

Wall Street Analysts Forecast Growth

CCI has been the topic of several research analyst reports. KeyCorp increased their price target on Crown Castle from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. BMO Capital Markets increased their price target on Crown Castle from $108.00 to $115.00 and gave the company a “market perform” rating in a report on Thursday, July 24th. JPMorgan Chase & Co. increased their price target on Crown Castle from $115.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. New Street Research raised Crown Castle from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 1st. Finally, Royal Bank Of Canada increased their price target on Crown Castle from $112.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $116.24.

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.