Concurrent Investment Advisors LLC Buys 966 Shares of Crown Castle Inc. (NYSE:CCI)

Concurrent Investment Advisors LLC grew its stake in shares of Crown Castle Inc. (NYSE:CCI) by 15.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,325 shares of the real estate investment trust’s stock after acquiring an additional 966 shares during the period. Concurrent Investment Advisors LLC’s holdings in Crown Castle were worth $716,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Crown Castle during the fourth quarter valued at $581,503,000. M&G Plc bought a new position in shares of Crown Castle during the 1st quarter worth $221,573,000. Mizuho Markets Americas LLC purchased a new stake in Crown Castle in the 4th quarter worth about $201,582,000. Balyasny Asset Management L.P. raised its stake in Crown Castle by 18,200.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after acquiring an additional 1,642,432 shares during the period. Finally, Capital International Investors lifted its holdings in Crown Castle by 68,262.1% during the first quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock valued at $131,239,000 after purchasing an additional 1,238,274 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Performance

NYSE:CCI opened at $112.02 on Tuesday. The company has a market capitalization of $48.68 billion, a price-to-earnings ratio of 35.01 and a beta of 0.85. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $119.50. The business has a 50 day moving average of $106.06 and a 200 day moving average of $103.20. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 EPS. On average, sell-side analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date is Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CCI shares. BMO Capital Markets lifted their target price on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. TD Cowen boosted their target price on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Raymond James restated an “outperform” rating and issued a $126.00 target price (up previously from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Finally, The Goldman Sachs Group assumed coverage on shares of Crown Castle in a report on Monday, July 1st. They issued a “neutral” rating and a $104.00 price target for the company. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $113.53.

Insider Activity at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.39% of the stock is currently owned by company insiders.

Crown Castle Company Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.