Wedmont Private Capital Raises Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Wedmont Private Capital increased its stake in shares of Crown Castle Inc. (NYSE:CCIGet Rating) by 19.8% in the second quarter, HoldingsChannel reports. The firm owned 1,276 shares of the real estate investment trust’s stock after buying an additional 211 shares during the period. Wedmont Private Capital’s holdings in Crown Castle were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CCI. BlackRock Inc. raised its stake in Crown Castle by 15.3% in the fourth quarter. BlackRock Inc. now owns 37,010,877 shares of the real estate investment trust’s stock valued at $7,725,650,000 after buying an additional 4,919,828 shares during the last quarter. Norges Bank purchased a new stake in Crown Castle in the fourth quarter valued at about $815,548,000. State Street Corp raised its stake in Crown Castle by 6.4% in the first quarter. State Street Corp now owns 20,925,592 shares of the real estate investment trust’s stock valued at $3,862,864,000 after buying an additional 1,261,426 shares during the last quarter. Vanguard Group Inc. raised its stake in Crown Castle by 1.8% in the first quarter. Vanguard Group Inc. now owns 56,909,352 shares of the real estate investment trust’s stock valued at $10,505,466,000 after buying an additional 1,015,352 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Crown Castle by 82.8% in the first quarter. JPMorgan Chase & Co. now owns 1,463,883 shares of the real estate investment trust’s stock valued at $270,233,000 after buying an additional 662,907 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Down 1.3 %

Crown Castle stock opened at $161.34 on Wednesday. The firm has a market cap of $69.87 billion, a price-to-earnings ratio of 45.32 and a beta of 0.60. Crown Castle Inc. has a 52 week low of $153.70 and a 52 week high of $209.87. The business’s 50-day moving average price is $174.43 and its 200 day moving average price is $178.00. 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 posted its earnings results on Wednesday, July 20th. The real estate investment trust reported $0.97 EPS for the quarter, missing the consensus estimate of $1.71 by ($0.74). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business earned $1.71 earnings per share. As a group, sell-side analysts anticipate that Crown Castle Inc. will post 7.03 earnings per share for the current year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 3.64%. The ex-dividend date is Wednesday, September 14th. Crown Castle’s dividend payout ratio (DPR) is 165.17%.

Insider Buying and Selling

In other Crown Castle news, Director Kevin A. Stephens acquired 699 shares of the company’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 completion of the acquisition, the director now owns 10,703 shares in the company, valued at $1,858,040.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on CCI. StockNews.com upgraded Crown Castle from a “hold” rating to a “buy” rating in a research note on Friday, August 12th. Citigroup decreased their price target on Crown Castle from $204.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, July 11th. Cowen decreased their price target on Crown Castle to $195.00 in a research note on Friday, July 22nd. Credit Suisse Group reduced their price objective on Crown Castle to $213.00 in a research note on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Crown Castle from $183.00 to $185.00 in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Crown Castle presently has a consensus rating of “Moderate Buy” and an average price target of $195.20.

Crown Castle 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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