Invst LLC acquired a new stake in Crown Castle Inc. (NYSE:CCI – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,518 shares of the real estate investment trust’s stock, valued at approximately $721,000.
Other large investors also recently modified their holdings of the company. Wiser Advisor Group LLC acquired a new position in Crown Castle in the third quarter valued at $29,000. Hilton Head Capital Partners LLC boosted 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 acquiring an additional 134 shares during the last quarter. Triumph Capital Management acquired a new stake in Crown Castle during the 3rd quarter worth about $31,000. Global Assets Advisory LLC acquired a new stake in Crown Castle during the 1st quarter worth about $32,000. Finally, MV Capital Management Inc. bought a new position in shares of Crown Castle in the 4th quarter worth about $34,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Crown Castle Price Performance
Shares of CCI opened at $76.25 on Wednesday. The stock has a 50-day moving average of $77.38 and a 200-day moving average of $83.98. The company has a market cap of $32.44 billion, a PE ratio of 38.71, a P/E/G ratio of 0.41 and a beta of 0.95. Crown Castle Inc. has a one year low of $69.72 and a one year high of $102.19.
Crown Castle Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Crown Castle’s dividend payout ratio is presently 215.74%.
Insider Activity
In related news, VP Robert Sean Collins sold 1,500 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares in the company, valued at $388,025.57. This trade represents a 22.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the company. 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 Crown Castle in a report on Friday, June 26th. They issued a “neutral” rating and a $95.00 target price for the company. BMO Capital Markets dropped their price target on Crown Castle from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Jefferies Financial Group cut their price target on Crown Castle from $88.00 to $82.00 and set a “hold” rating on the stock in a report on Wednesday, July 15th. Finally, Citizens Jmp reduced their price objective on shares of Crown Castle from $125.00 to $120.00 and set a “market outperform” rating for the company in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.13.
Read Our Latest Analysis on CCI
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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