Allspring Global Investments Holdings LLC Has $3.67 Million Holdings in Crown Castle Inc. (NYSE:CCI)

Allspring Global Investments Holdings LLC lifted its holdings in Crown Castle Inc. (NYSE:CCI) by 13.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,031 shares of the real estate investment trust’s stock after acquiring an additional 4,276 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Crown Castle were worth $3,665,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Twin Tree Management LP acquired a new stake in shares of Crown Castle during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in Crown Castle during the first quarter valued at approximately $26,000. American National Bank & Trust acquired a new position in Crown Castle during the first quarter valued at approximately $29,000. Capital Advisors Ltd. LLC raised its position in 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 in the last quarter. Finally, Vermillion Wealth Management Inc. acquired a new position in Crown Castle during the fourth quarter valued at approximately $38,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crown Castle

In other news, EVP Edward B. Adams, Jr. sold 8,000 shares of the stock in a transaction dated 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 owned 20,528 shares of the company’s stock, valued at $2,183,563.36. This represents a 28.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Robert Sean Collins sold 3,600 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.72, for a total transaction of $384,192.00. Following the completion of the transaction, the vice president directly owned 6,465 shares in the company, valued at approximately $689,944.80. The trade was a 35.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,600 shares of company stock valued at $3,362,752 in the last 90 days. 0.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CCI shares. JMP Securities lifted their price target on Crown Castle from $115.00 to $125.00 and gave the company a “market outperform” rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. decreased their price target on Crown Castle from $121.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Royal Bank Of Canada increased their target price on shares of Crown Castle from $107.00 to $112.00 and gave the stock a “sector perform” rating in a report on Friday, May 2nd. KeyCorp raised their price target on shares of Crown Castle from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Finally, Bank of America initiated coverage on shares of Crown Castle in a research note on Monday, May 19th. They issued a “buy” rating and a $115.00 price target on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $112.71.

Crown Castle Price Performance

NYSE:CCI opened at $102.92 on Monday. Crown Castle Inc. has a one year low of $84.20 and a one year high of $120.92. The firm’s 50 day simple moving average is $101.48 and its 200 day simple moving average is $96.96. The company has a market cap of $44.82 billion, a PE ratio of -9.57, a P/E/G ratio of 0.80 and a beta of 0.88.

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 the consensus estimate of $1.72 by ($0.62). Crown Castle had a negative net margin of 78.12% and a negative return on equity of 164.40%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the firm posted $1.72 earnings per share. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities research analysts expect that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $1.0625 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.13%. Crown Castle’s dividend payout ratio (DPR) is presently -39.50%.

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.