J.W. Cole Advisors Inc. increased its position in shares of Crown Castle Inc. (NYSE:CCI – Get Rating) by 3.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 3,066 shares of the real estate investment trust’s stock after buying an additional 89 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Crown Castle were worth $566,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of CCI. IAG Wealth Partners LLC raised its holdings in Crown Castle by 277.8% during the fourth quarter. IAG Wealth Partners LLC now owns 136 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 100 shares in the last quarter. North Star Investment Management Corp. bought a new position in Crown Castle during the first quarter valued at about $25,000. HHM Wealth Advisors LLC bought a new position in Crown Castle during the first quarter valued at about $28,000. Blume Capital Management Inc. bought a new position in Crown Castle during the first quarter valued at about $29,000. Finally, HWG Holdings LP bought a new position in Crown Castle during the fourth quarter valued at about $34,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Kevin A. Stephens bought 699 shares of the business’s stock in a transaction dated Friday, July 22nd. The stock was bought at an average price of $173.60 per share, for a total transaction of $121,346.40. Following the completion of the purchase, the director now owns 10,703 shares of the company’s stock, valued at approximately $1,858,040.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is currently owned by corporate insiders.
Crown Castle Stock Up 1.0 %
Crown Castle (NYSE:CCI – Get Rating) last announced its quarterly earnings results on Wednesday, July 20th. The real estate investment trust reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.74). The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.71 billion. Crown Castle had a return on equity of 18.93% and a net margin of 22.91%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.71 EPS. Equities analysts predict that Crown Castle Inc. will post 7.03 EPS for the current fiscal year.
Crown Castle Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Wednesday, September 14th. Crown Castle’s dividend payout ratio (DPR) is currently 165.17%.
Analysts Set New Price Targets
Several research firms have weighed in on CCI. Citigroup cut their target price on Crown Castle from $204.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, July 11th. Morgan Stanley lowered their price target on Crown Castle from $190.00 to $188.00 and set an “overweight” rating on the stock in a research report on Friday. Raymond James lowered their price target on Crown Castle from $206.00 to $201.00 in a research report on Friday, July 22nd. Barclays lowered their price target on Crown Castle from $214.00 to $212.00 and set an “overweight” rating on the stock in a research report on Friday, August 26th. Finally, KeyCorp lowered their price target on Crown Castle from $219.00 to $205.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Crown Castle presently has an average rating of “Moderate Buy” and an average target price of $195.20.
Crown Castle Profile
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.
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