Freestone Grove Partners LP purchased a new position in shares of Crown Castle Inc. (NYSE:CCI – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 28,241 shares of the real estate investment trust’s stock, valued at approximately $2,139,000.
Other institutional investors have also modified their holdings of the company. Wiser Advisor Group LLC acquired a new position in shares of Crown Castle during the third quarter worth about $29,000. Hilton Head Capital Partners LLC boosted its stake in Crown Castle by 55.6% in 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 in the last quarter. Triumph Capital Management purchased a new position in shares of Crown Castle during the third quarter worth about $31,000. Global Assets Advisory LLC purchased a new position in shares of Crown Castle during the first quarter worth about $32,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Crown Castle during the fourth quarter worth about $34,000. 90.77% of the stock is owned by institutional investors and hedge funds.
Crown Castle Price Performance
CCI opened at $76.09 on Friday. Crown Castle Inc. has a 12 month low of $69.72 and a 12 month high of $100.50. The stock has a market capitalization of $32.37 billion, a P/E ratio of 38.62, a P/E/G ratio of 0.40 and a beta of 0.95. The business has a 50 day simple moving average of $76.91 and a 200-day simple moving average of $83.86.
Crown Castle Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $1.0625 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $4.25 annualized dividend and a dividend yield of 5.6%. Crown Castle’s dividend payout ratio is currently 215.74%.
Insider Activity at Crown Castle
In other news, VP Robert Sean Collins sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the transaction, the vice president directly owned 5,113 shares of the company’s stock, 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 SEC, which is available at this hyperlink. 0.09% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Crown Castle from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, July 23rd. Citigroup reiterated a “market outperform” rating on shares of Crown Castle in a research note on Friday, July 24th. Wall Street Zen raised Crown Castle from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. TD Cowen decreased their target price on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Crown Castle in a research note on Wednesday, August 19th. Two equities research 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $95.13.
Read Our Latest Stock Analysis on CCI
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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