Envestnet Portfolio Solutions Inc. Decreases Position in Crown Castle Inc. (NYSE:CCI)

Envestnet Portfolio Solutions Inc. cut its position in Crown Castle Inc. (NYSE:CCI) by 71.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 16,740 shares of the real estate investment trust’s stock after selling 41,713 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Crown Castle were worth $1,745,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CCI. Opal Wealth Advisors LLC purchased a new position in shares of Crown Castle during the first quarter valued at approximately $26,000. Twin Tree Management LP purchased a new position in shares of Crown Castle during the fourth quarter valued at approximately $25,000. American National Bank & Trust purchased a new position in shares of Crown Castle during the first quarter valued at approximately $29,000. Capital Advisors Ltd. LLC raised its holdings in shares of Crown Castle by 62.1% during the first quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Crown Castle by 95.2% during the first quarter. Versant Capital Management Inc now owns 408 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 199 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Crown Castle news, CEO Daniel K. Schlanger sold 20,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the completion of the transaction, the chief executive officer now owns 110,571 shares in the company, valued at $11,762,542.98. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward B. Adams, Jr. sold 8,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.37, for a total transaction of $850,960.00. Following the transaction, the executive vice president now owns 20,528 shares of the company’s stock, valued at $2,183,563.36. This trade represents a 28.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,600 shares of company stock worth $3,362,752. 0.10% of the stock is owned by insiders.

Crown Castle Stock Performance

CCI opened at $102.47 on Tuesday. The firm has a market cap of $44.62 billion, a P/E ratio of -9.52, a PEG ratio of 0.77 and a beta of 0.88. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $120.92. The company has a 50 day simple moving average of $101.43 and a two-hundred day simple moving average of $96.62. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.37 and a quick ratio of 0.37.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.62). The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative return on equity of 164.40% and a negative net margin of 78.12%. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.72 earnings per share. Equities analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $1.0625 per share. The ex-dividend date is Friday, June 13th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.15%. Crown Castle’s dividend payout ratio is -39.50%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CCI shares. Barclays boosted their price objective on shares of Crown Castle from $104.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Wolfe Research raised shares of Crown Castle from an “underperform” rating to a “peer perform” rating in a report on Monday, March 17th. Argus raised shares of Crown Castle to a “hold” rating in a report on Friday, March 21st. Royal Bank Of Canada upped their target price on shares of Crown Castle from $107.00 to $112.00 and gave the company a “sector perform” rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Crown Castle from $121.00 to $115.00 and set a “neutral” rating for the company in a report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $112.71.

About Crown Castle

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.