Mirae Asset Global Investments Co. Ltd. lifted its holdings in Crown Castle Inc. (NYSE:CCI – Get Rating) by 22.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,683 shares of the real estate investment trust’s stock after purchasing an additional 23,381 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Crown Castle were worth $23,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently modified their holdings of CCI. North Star Investment Management Corp. purchased a new stake in Crown Castle during the first quarter valued at $25,000. IAG Wealth Partners LLC increased its position 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 acquiring an additional 100 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in Crown Castle during the first quarter valued at $28,000. Blume Capital Management Inc. purchased a new stake in Crown Castle during the first quarter valued at $29,000. Finally, HWG Holdings LP purchased a new stake in Crown Castle during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently commented on CCI shares. Credit Suisse Group reduced their price objective on Crown Castle to $213.00 in a research report on Friday, July 22nd. Citigroup reduced their price target on Crown Castle from $204.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, July 11th. Jefferies Financial Group upgraded Crown Castle from a “hold” rating to a “buy” rating and upped their price target for the stock from $191.00 to $200.00 in a research report on Thursday, June 30th. KeyCorp reduced their price target on Crown Castle from $219.00 to $205.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Finally, Morgan Stanley reduced their price target on Crown Castle from $190.00 to $188.00 and set an “overweight” rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Crown Castle presently has a consensus rating of “Moderate Buy” and an average price target of $195.20.
Crown Castle Price Performance
Shares of Crown Castle stock opened at $163.22 on Friday. The stock has a 50 day moving average of $174.61 and a 200 day moving average of $178.06. Crown Castle Inc. has a 12 month low of $153.70 and a 12 month high of $209.87. The firm has a market cap of $70.68 billion, a PE ratio of 45.85 and a beta of 0.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 2.70.
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). Crown Castle had a net margin of 22.91% and a return on equity of 18.93%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the company posted $1.71 earnings per share. Crown Castle’s quarterly revenue was up 9.5% on a year-over-year basis. On average, research analysts expect that Crown Castle Inc. will post 7.03 EPS for the current fiscal year.
Crown Castle Dividend Announcement
The company 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 dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Wednesday, September 14th. Crown Castle’s payout ratio is presently 165.17%.
Crown Castle Company 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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