Thrivent Financial for Lutherans reduced its position in shares of Crown Castle Inc. (NYSE:CCI – Free Report) by 2.4% in the fourth quarter, Holdings Channel reports. The firm owned 1,432,614 shares of the real estate investment trust’s stock after selling 34,565 shares during the period. Thrivent Financial for Lutherans’ holdings in Crown Castle were worth $127,316,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Crown Castle by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust’s stock valued at $6,200,406,000 after purchasing an additional 386,733 shares in the last quarter. State Street Corp grew its position in Crown Castle by 1.2% in the third quarter. State Street Corp now owns 21,728,541 shares of the real estate investment trust’s stock worth $2,096,587,000 after acquiring an additional 266,963 shares in the last quarter. Invesco Ltd. grew its position in Crown Castle by 33.2% in the third quarter. Invesco Ltd. now owns 6,437,685 shares of the real estate investment trust’s stock worth $621,172,000 after acquiring an additional 1,605,291 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Crown Castle by 3.0% in the third quarter. Dimensional Fund Advisors LP now owns 6,185,915 shares of the real estate investment trust’s stock worth $596,876,000 after acquiring an additional 177,896 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Crown Castle by 4.3% in the third quarter. Legal & General Group Plc now owns 5,621,490 shares of the real estate investment trust’s stock worth $542,418,000 after acquiring an additional 232,549 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Crown Castle Stock Down 2.7%
Crown Castle stock opened at $87.16 on Friday. The company has a market capitalization of $38.04 billion, a PE ratio of 36.02, a P/E/G ratio of 0.45 and a beta of 0.93. The firm has a fifty day simple moving average of $86.09 and a two-hundred day simple moving average of $87.69. Crown Castle Inc. has a twelve month low of $75.96 and a twelve month high of $115.76.
Crown Castle Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a $1.0625 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $4.25 annualized dividend and a yield of 4.9%. Crown Castle’s payout ratio is currently 175.62%.
Analyst Ratings Changes
Several research analysts recently issued reports on CCI shares. KeyCorp upped their target price on shares of Crown Castle from $98.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Wolfe Research cut their target price on shares of Crown Castle from $114.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. Raymond James Financial upped their target price on shares of Crown Castle from $102.00 to $108.00 and gave the stock a “strong-buy” rating in a research report on Thursday, April 23rd. Zacks Research upgraded shares of Crown Castle from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, The Goldman Sachs Group cut their target price on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Crown Castle currently has an average rating of “Moderate Buy” and a consensus target price of $99.39.
Read Our Latest Stock Analysis on Crown Castle
Insider Buying and Selling at Crown Castle
In other Crown Castle news, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president directly owned 25,183 shares of the company’s stock, valued at $2,174,300.22. The trade was a 15.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert Sean Collins sold 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $87.49, for a total transaction of $262,470.00. Following the completion of the sale, the vice president directly owned 5,800 shares of the company’s stock, valued at $507,442. This represents a 34.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.09% of the company’s stock.
About Crown Castle
Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.
Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.
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