Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Crown Castle Inc. (NYSE:CCI – Get Rating) by 22.9% during the 1st quarter, HoldingsChannel reports. The firm owned 125,683 shares of the real estate investment trust’s stock after buying an additional 23,381 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Crown Castle were worth $23,201,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Advisor Resource Council bought a new stake in Crown Castle during the 4th quarter valued at $257,000. Mission Wealth Management LP bought a new stake in Crown Castle during the 4th quarter valued at $216,000. O Shaughnessy Asset Management LLC boosted its position in Crown Castle by 10.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 7,886 shares of the real estate investment trust’s stock valued at $1,646,000 after acquiring an additional 752 shares in the last quarter. Level Four Advisory Services LLC bought a new stake in Crown Castle during the 4th quarter valued at $400,000. Finally, Gamco Investors INC. ET AL bought a new stake in Crown Castle during the 4th quarter valued at $240,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Crown Castle
In other Crown Castle news, Director Kevin A. Stephens purchased 699 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was purchased at an average price of $173.60 per share, for a total transaction of $121,346.40. Following the purchase, the director now directly owns 10,703 shares in the company, valued at $1,858,040.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is owned by company insiders.
Crown Castle Stock Performance
Crown Castle (NYSE:CCI – Get Rating) last announced its quarterly earnings results on Wednesday, July 20th. The real estate investment trust reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.74). Crown Castle had a net margin of 22.91% and a return on equity of 18.93%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the firm earned $1.71 EPS. Crown Castle’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Crown Castle Inc. will post 7.03 earnings per share for the current year.
Crown Castle Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $1.47 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $5.88 annualized dividend and a dividend yield of 3.60%. Crown Castle’s dividend payout ratio is presently 165.17%.
Wall Street Analyst Weigh In
Several analysts have issued reports on the company. StockNews.com raised Crown Castle from a “hold” rating to a “buy” rating in a research report on Friday, August 12th. The Goldman Sachs Group lowered their price objective on Crown Castle from $189.00 to $166.00 and set a “neutral” rating for the company in a research report on Tuesday, July 12th. Jefferies Financial Group raised Crown Castle from a “hold” rating to a “buy” rating and raised their price objective for the stock from $191.00 to $200.00 in a research report on Thursday, June 30th. Cowen lowered their price objective on Crown Castle to $195.00 in a research report on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Crown Castle from $183.00 to $185.00 in a research report on Friday, July 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $195.20.
About Crown Castle
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.
- Get a free copy of the StockNews.com research report on Crown Castle (CCI)
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