Empyrean Capital Partners LP acquired a new position in shares of Crown Castle Inc. (NYSE:CCI – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 107,000 shares of the real estate investment trust’s stock, valued at approximately $8,700,000.
A number of other hedge funds also recently made changes to their positions in CCI. Wiser Advisor Group LLC bought a new position in Crown Castle in the third quarter valued at $29,000. Hilton Head Capital Partners LLC raised its position in Crown Castle by 55.6% during the first quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 134 shares in the last quarter. Triumph Capital Management bought a new stake in Crown Castle during the third quarter worth about $31,000. Global Assets Advisory LLC bought a new stake in Crown Castle during the first quarter worth about $32,000. Finally, Salomon & Ludwin LLC boosted its holdings in shares of Crown Castle by 128.7% in the 4th quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 215 shares in the last quarter. 90.77% of the stock is owned by institutional investors.
Crown Castle Stock Down 1.0%
NYSE CCI opened at $74.16 on Tuesday. The company has a 50-day simple moving average of $84.07 and a two-hundred day simple moving average of $85.63. Crown Castle Inc. has a 12-month low of $73.52 and a 12-month high of $112.75. The firm has a market cap of $32.37 billion, a price-to-earnings ratio of 37.64, a PEG ratio of 0.40 and a beta of 0.95.
Crown Castle Dividend Announcement
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the company. Wolfe Research lowered Crown Castle from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, May 20th. Jefferies Financial Group boosted their target price on Crown Castle from $84.00 to $89.00 and gave the stock a “hold” rating in a research report on Tuesday, April 14th. Wall Street Zen raised Crown Castle from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research report on Friday, June 26th. They set a “neutral” rating and a $95.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Crown Castle from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, Crown Castle has an average rating of “Moderate Buy” and a consensus price target of $95.92.
Read Our Latest Stock Report on Crown Castle
Crown Castle Profile
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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