Crown Castle Inc. (NYSE:CCI) Shares Sold by Covington Capital Management

Covington Capital Management lessened its position in shares of Crown Castle Inc. (NYSE:CCIGet Rating) by 16.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,828 shares of the real estate investment trust’s stock after selling 363 shares during the quarter. Covington Capital Management’s holdings in Crown Castle were worth $308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CCI. Advisor Resource Council acquired a new position in shares of Crown Castle during the 4th quarter worth $257,000. Mission Wealth Management LP acquired a new position in Crown Castle in the 4th quarter valued at about $216,000. O Shaughnessy Asset Management LLC raised its stake in Crown Castle by 10.5% in 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 purchasing an additional 752 shares during the last quarter. Level Four Advisory Services LLC acquired a new position in Crown Castle in the 4th quarter valued at about $400,000. Finally, Gamco Investors INC. ET AL acquired a new position in Crown Castle in the 4th quarter valued at about $240,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Buying and Selling at Crown Castle

In other Crown Castle news, Director Kevin A. Stephens bought 699 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were bought at an average cost of $173.60 per share, with a total value of $121,346.40. Following the transaction, the director now directly owns 10,703 shares in the company, valued at approximately $1,858,040.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CCI shares. Wells Fargo & Company cut their target price on shares of Crown Castle from $180.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, July 19th. The Goldman Sachs Group cut their target price on shares of Crown Castle from $189.00 to $166.00 and set a “neutral” rating for the company in a research note on Tuesday, July 12th. Morgan Stanley cut their target price on shares of Crown Castle from $190.00 to $188.00 and set an “overweight” rating for the company in a research note on Friday. Raymond James dropped their price objective on shares of Crown Castle from $206.00 to $201.00 in a research note on Friday, July 22nd. Finally, StockNews.com raised shares of Crown Castle from a “hold” rating to a “buy” rating in a research note on Friday, August 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $195.20.

Crown Castle Stock Up 1.0 %

NYSE CCI opened at $163.22 on Monday. The stock has a market cap of $70.68 billion, a PE ratio of 45.85 and a beta of 0.60. Crown Castle Inc. has a fifty-two week low of $153.70 and a fifty-two week high of $209.87. The business has a 50 day moving average price of $174.61 and a two-hundred day moving average price of $178.10. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 2.70.

Crown Castle (NYSE:CCIGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The real estate investment trust reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.74). The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations 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 was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.71 EPS. As a group, sell-side analysts predict that Crown Castle Inc. will post 7.03 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Wednesday, September 14th. Crown Castle’s dividend payout ratio is presently 165.17%.

Crown Castle Company Profile

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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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Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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