Rakuten Investment Management Inc. grew its position in shares of Crown Castle Inc. (NYSE:CCI – Free Report) by 8.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,079 shares of the real estate investment trust’s stock after buying an additional 5,714 shares during the period. Rakuten Investment Management Inc.’s holdings in Crown Castle were worth $5,170,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of CCI. Pingora Partners LLC bought a new position in Crown Castle during the second quarter worth about $30,000. Global Assets Advisory LLC bought a new position in shares of Crown Castle during the first quarter worth approximately $32,000. Anchor Investment Management LLC increased its holdings in shares of Crown Castle by 242.8% during the second quarter. Anchor Investment Management LLC now owns 473 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 335 shares during the period. J.Safra Asset Management Corp acquired a new stake in shares of Crown Castle in the second quarter valued at approximately $42,000. Finally, CX Institutional raised its position in shares of Crown Castle by 106.3% in the third quarter. CX Institutional now owns 819 shares of the real estate investment trust’s stock valued at $55,000 after buying an additional 422 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Citigroup reiterated a “market outperform” rating on shares of Crown Castle in a research report on Thursday, October 22nd. Jefferies Financial Group cut their price objective on shares of Crown Castle from $88.00 to $82.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Morgan Stanley set a $85.00 price objective on shares of Crown Castle in a research note on Monday, September 21st. Royal Bank Of Canada cut their price target on shares of Crown Castle from $92.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. Finally, Barclays increased their price target on shares of Crown Castle from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Crown Castle currently has a consensus rating of “Moderate Buy” and an average target price of $94.27.
Crown Castle Price Performance
Shares of CCI stock traded down $2.26 on Friday, hitting $88.69. 5,388,058 shares of the company’s stock were exchanged, compared to its average volume of 6,165,718. Crown Castle Inc. has a 12 month low of $65.32 and a 12 month high of $95.07. The stock has a market cap of $37.73 billion, a P/E ratio of 46.68, a price-to-earnings-growth ratio of 0.76 and a beta of 0.88. The company has a 50 day moving average of $77.12 and a 200 day moving average of $82.27.
Crown Castle (NYSE:CCI – Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.02). Crown Castle had a net margin of 20.12% and a negative return on equity of 42.11%. The business had revenue of $995.00 million during the quarter, compared to analyst estimates of $1.01 billion. During the same period last year, the business earned $1.12 earnings per share. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. Sell-side analysts predict that Crown Castle Inc. will post 4.40 EPS for the current fiscal year.
Crown Castle Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Tuesday, December 15th. Crown Castle’s dividend payout ratio (DPR) is presently 223.68%.
Crown Castle Profile
Crown Castle Inc (NYSE: CCI) owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity.
The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.
Founded in 1994, Crown Castle serves communities across the United States.
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