Crown Castle (NYSE:CCI) Given New $119.00 Price Target at Barclays

Crown Castle (NYSE:CCI) had its price objective decreased by Barclays from $121.00 to $119.00 in a research note published on Monday,Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

A number of other research firms have also recently issued reports on CCI. JPMorgan Chase & Co. increased their target price on Crown Castle from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. JMP Securities reiterated a “market outperform” rating and set a $125.00 target price on shares of Crown Castle in a report on Thursday, July 24th. Wall Street Zen upgraded Crown Castle from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Citigroup increased their target price on Crown Castle from $108.00 to $124.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Finally, Royal Bank Of Canada raised their price objective on Crown Castle from $112.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.12.

Crown Castle Trading Down 1.2%

Shares of Crown Castle stock opened at $100.48 on Monday. The company has a market capitalization of $43.75 billion, a PE ratio of -9.42, a PEG ratio of 0.77 and a beta of 0.89. Crown Castle has a 12 month low of $84.20 and a 12 month high of $120.92. The stock’s fifty day simple moving average is $103.59 and its 200 day simple moving average is $100.42.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, topping the consensus estimate of $1.00 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The firm’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 EPS. Analysts predict that Crown Castle will post 6.67 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $1.0625 per share. The ex-dividend date is Monday, September 15th. This represents a $4.25 annualized dividend and a yield of 4.2%. Crown Castle’s dividend payout ratio (DPR) is -39.83%.

Institutional Investors Weigh In On Crown Castle

Several hedge funds have recently bought and sold shares of the stock. CYBER HORNET ETFs LLC acquired a new stake in Crown Castle during the second quarter worth approximately $117,000. Rexford Capital Inc. acquired a new stake in Crown Castle during the second quarter worth approximately $298,000. CANADA LIFE ASSURANCE Co lifted its position in Crown Castle by 5.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 650,617 shares of the real estate investment trust’s stock worth $66,936,000 after acquiring an additional 35,317 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Crown Castle during the second quarter worth approximately $131,000. Finally, State of Tennessee Department of Treasury lifted its position in Crown Castle by 53.6% during the second quarter. State of Tennessee Department of Treasury now owns 141,014 shares of the real estate investment trust’s stock worth $14,486,000 after acquiring an additional 49,209 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.