SteelPeak Wealth LLC Sells 6,792 Shares of Crown Castle Inc. $CCI

SteelPeak Wealth LLC trimmed its holdings in Crown Castle Inc. (NYSE:CCI) by 62.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,066 shares of the real estate investment trust’s stock after selling 6,792 shares during the period. SteelPeak Wealth LLC’s holdings in Crown Castle were worth $392,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Crown Castle during the 2nd quarter valued at $629,431,000. Lazard Asset Management LLC increased its position in shares of Crown Castle by 3,051.5% in the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock worth $562,221,000 after purchasing an additional 5,299,155 shares during the period. JPMorgan Chase & Co. raised its stake in Crown Castle by 33.9% in the second quarter. JPMorgan Chase & Co. now owns 3,657,030 shares of the real estate investment trust’s stock valued at $375,697,000 after purchasing an additional 926,721 shares in the last quarter. BROOKFIELD Corp ON grew its stake in Crown Castle by 1,919.4% during the first quarter. BROOKFIELD Corp ON now owns 848,277 shares of the real estate investment trust’s stock worth $88,416,000 after buying an additional 806,271 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Crown Castle by 15,241.9% during the second quarter. Canada Pension Plan Investment Board now owns 757,891 shares of the real estate investment trust’s stock worth $77,858,000 after buying an additional 752,951 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CCI shares. Citigroup cut their price target on shares of Crown Castle from $124.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Wolfe Research raised shares of Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 price objective on the stock in a research note on Monday, September 22nd. Wells Fargo & Company cut their target price on Crown Castle from $115.00 to $105.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. KeyCorp reduced their target price on Crown Castle from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, September 17th. Finally, JPMorgan Chase & Co. decreased their price target on Crown Castle from $120.00 to $115.00 and set a “neutral” rating on the stock in a research note on Thursday, October 23rd. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.35.

Insider Activity

In other news, EVP Daniel K. Schlanger sold 30,000 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $98.08, for a total transaction of $2,942,400.00. Following the completion of the transaction, the executive vice president directly owned 65,571 shares in the company, valued at $6,431,203.68. This trade represents a 31.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is owned by company insiders.

Crown Castle Price Performance

Shares of NYSE CCI opened at $88.63 on Monday. The company has a 50 day simple moving average of $89.94 and a 200 day simple moving average of $96.71. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $115.76. The firm has a market cap of $38.60 billion, a PE ratio of -8.34, a price-to-earnings-growth ratio of 0.57 and a beta of 0.96.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. Crown Castle had a negative net margin of 95.37% and a negative return on equity of 619.62%. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.84 EPS. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. As a group, research analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $1.0625 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.8%. Crown Castle’s dividend payout ratio is presently -39.98%.

Crown Castle Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.