Elo Mutual Pension Insurance Co Acquires 12,064 Shares of Crown Castle Inc. $CCI

Elo Mutual Pension Insurance Co grew its stake in shares of Crown Castle Inc. (NYSE:CCI) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,003 shares of the real estate investment trust’s stock after acquiring an additional 12,064 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Crown Castle were worth $5,597,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Crown Castle by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust’s stock worth $7,118,201,000 after purchasing an additional 449,776 shares during the period. State Street Corp lifted its holdings in shares of Crown Castle by 0.5% in the second quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust’s stock worth $2,204,748,000 after buying an additional 110,050 shares in the last quarter. Norges Bank bought a new position in shares of Crown Castle in the second quarter valued at approximately $629,431,000. Bank of America Corp DE grew its stake in Crown Castle by 2.2% during the second quarter. Bank of America Corp DE now owns 5,534,066 shares of the real estate investment trust’s stock valued at $568,515,000 after acquiring an additional 117,904 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in Crown Castle by 3,051.5% during the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after acquiring an additional 5,299,155 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Crown Castle

In related news, VP Robert Sean Collins sold 3,000 shares of Crown Castle stock in a transaction on Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the transaction, the vice president owned 5,800 shares in the company, valued at $507,442. This trade represents a 34.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the sale, the executive vice president directly owned 25,183 shares of the company’s stock, valued at $2,174,300.22. This represents a 15.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.10% of the company’s stock.

Crown Castle Trading Up 0.0%

CCI opened at $89.56 on Tuesday. The stock has a market capitalization of $39.05 billion, a P/E ratio of 88.67, a PEG ratio of 0.45 and a beta of 0.96. The stock has a 50-day moving average price of $87.11 and a 200-day moving average price of $91.62. Crown Castle Inc. has a 12-month low of $77.01 and a 12-month high of $115.76.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Friday, March 13th. Crown Castle’s dividend payout ratio (DPR) is presently 420.79%.

Analysts Set New Price Targets

CCI has been the topic of several recent analyst reports. Barclays lowered their target price on shares of Crown Castle from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 17th. UBS Group dropped their price objective on Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. Wall Street Zen lowered Crown Castle from a “hold” rating to a “sell” rating in a research note on Saturday. Citigroup lowered their price target on Crown Castle from $110.00 to $106.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. Finally, Zacks Research lowered Crown Castle from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Crown Castle has an average rating of “Moderate Buy” and a consensus price target of $100.02.

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.