DAVENPORT & Co LLC Sells 848 Shares of Crown Castle Inc. $CCI

DAVENPORT & Co LLC reduced its position in Crown Castle Inc. (NYSE:CCI) by 7.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,993 shares of the real estate investment trust’s stock after selling 848 shares during the quarter. DAVENPORT & Co LLC’s holdings in Crown Castle were worth $1,129,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. CWA Asset Management Group LLC boosted its stake in shares of Crown Castle by 9.0% in the 1st quarter. CWA Asset Management Group LLC now owns 2,663 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 219 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Crown Castle by 10.2% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 55,552 shares of the real estate investment trust’s stock valued at $5,707,000 after purchasing an additional 5,144 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Crown Castle by 13.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,031 shares of the real estate investment trust’s stock valued at $3,665,000 after purchasing an additional 4,276 shares in the last quarter. Legacy Advisors LLC acquired a new stake in shares of Crown Castle in the 1st quarter valued at approximately $262,000. Finally, Everhart Financial Group Inc. acquired a new stake in shares of Crown Castle in the 1st quarter valued at approximately $307,000. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. KeyCorp reduced their price target on shares of Crown Castle from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 17th. Wall Street Zen upgraded shares of Crown Castle from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Wolfe Research upgraded shares of Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 price target on the stock in a research note on Monday, September 22nd. Scotiabank raised their price target on shares of Crown Castle from $109.00 to $114.00 and gave the company a “sector perform” rating in a research note on Friday, July 25th. Finally, BMO Capital Markets upgraded shares of Crown Castle from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $115.00 to $120.00 in a research report on Tuesday, August 19th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Crown Castle has an average rating of “Moderate Buy” and a consensus price target of $115.76.

Crown Castle Price Performance

NYSE:CCI opened at $97.74 on Friday. The company has a market cap of $42.56 billion, a PE ratio of -9.16, a P/E/G ratio of 0.73 and a beta of 0.95. Crown Castle Inc. has a one year low of $84.20 and a one year high of $115.89. The firm’s 50 day simple moving average is $98.22 and its 200 day simple moving average is $100.86.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.62 EPS. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. Equities research analysts expect that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a $1.0625 dividend. The ex-dividend date was Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.3%. Crown Castle’s payout ratio is -39.83%.

Crown Castle Company Profile

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.