Magellan Asset Management Ltd Sells 170,335 Shares of Crown Castle Inc. $CCI

Magellan Asset Management Ltd lowered its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 11.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,331,222 shares of the real estate investment trust’s stock after selling 170,335 shares during the quarter. Crown Castle makes up 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 25th biggest holding. Magellan Asset Management Ltd’s holdings in Crown Castle were worth $136,756,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Iron Horse Wealth Management LLC bought a new position in Crown Castle during the first quarter valued at $26,000. Centerpoint Advisors LLC bought a new stake in shares of Crown Castle in the 1st quarter valued at about $26,000. Stone House Investment Management LLC bought a new position in shares of Crown Castle during the 1st quarter worth approximately $27,000. Rise Advisors LLC acquired a new stake in Crown Castle in the first quarter valued at approximately $28,000. Finally, NewSquare Capital LLC increased its position in shares of Crown Castle by 74.5% during the second quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Crown Castle news, EVP Daniel K. Schlanger sold 30,000 shares of Crown Castle stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $98.08, for a total value of $2,942,400.00. Following the completion of the transaction, the executive vice president directly owned 65,571 shares of the company’s stock, valued at $6,431,203.68. The trade was a 31.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays raised their price target on Crown Castle from $119.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. JMP Securities reissued a “market outperform” rating and issued a $125.00 price objective on shares of Crown Castle in a report on Thursday, July 24th. The Goldman Sachs Group lifted their price target on Crown Castle from $115.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 23rd. UBS Group upped their price target on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Finally, KeyCorp cut their price objective on Crown Castle from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, September 17th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Crown Castle presently has an average rating of “Moderate Buy” and an average target price of $113.12.

Crown Castle Stock Up 2.0%

Shares of NYSE:CCI opened at $89.54 on Friday. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $115.76. The business has a fifty day moving average of $95.03 and a two-hundred day moving average of $100.06. The stock has a market cap of $38.99 billion, a P/E ratio of -8.42, a PEG ratio of 0.68 and a beta of 0.94.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.08. Crown Castle had a negative net margin of 95.37% and a negative return on equity of 619.62%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the business posted $1.84 EPS. Crown Castle’s revenue was down 4.3% on a year-over-year basis. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. On average, equities analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $1.0625 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.7%. Crown Castle’s payout ratio is presently -39.98%.

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.