Crown Castle Inc. $CCI Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Crown Castle Inc. (NYSE:CCI) by 15.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,963 shares of the real estate investment trust’s stock after buying an additional 9,552 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Crown Castle were worth $6,847,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Winnow Wealth LLC acquired a new stake in Crown Castle during the second quarter worth about $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Crown Castle in the 2nd quarter valued at approximately $27,000. NewSquare Capital LLC increased its holdings in shares of Crown Castle by 74.5% during the 2nd quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 120 shares during the last quarter. Creative Financial Designs Inc. ADV raised its position in shares of Crown Castle by 47.8% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 98 shares during the period. Finally, Cullen Frost Bankers Inc. raised its position in shares of Crown Castle by 511.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 324 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 271 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $86.82 on Friday. The stock has a market capitalization of $37.81 billion, a price-to-earnings ratio of -8.17, a price-to-earnings-growth ratio of 0.57 and a beta of 0.96. The business has a 50-day moving average of $88.19 and a 200 day moving average of $94.62. Crown Castle Inc. has a 12 month low of $83.21 and a 12 month high of $115.76.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a $1.0625 dividend. The ex-dividend date was Monday, December 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.9%. Crown Castle’s payout ratio is -39.98%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CCI shares. JPMorgan Chase & Co. lowered their price objective on Crown Castle from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, January 12th. KeyCorp lowered their price target on Crown Castle from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, January 21st. Wells Fargo & Company cut their price objective on Crown Castle from $115.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, December 16th. Citigroup decreased their target price on shares of Crown Castle from $124.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Finally, Raymond James Financial dropped their price target on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating for the company in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $106.75.

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.