Jefferies Financial Group Raises Crown Castle (NYSE:CCI) Price Target to $89.00

Crown Castle (NYSE:CCI) had its target price increased by equities researchers at Jefferies Financial Group from $84.00 to $89.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 4.12% from the company’s current price.

A number of other research firms have also recently commented on CCI. Zacks Research raised Crown Castle from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. HSBC dropped their price objective on Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a research note on Thursday, February 5th. Weiss Ratings upgraded Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research report on Tuesday, February 24th. Royal Bank Of Canada decreased their target price on Crown Castle from $112.00 to $110.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Finally, Scotiabank lowered their price target on Crown Castle from $94.00 to $91.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.39.

Crown Castle Price Performance

Shares of NYSE CCI opened at $85.48 on Tuesday. The stock has a market cap of $37.30 billion, a PE ratio of 84.63, a price-to-earnings-growth ratio of 0.44 and a beta of 0.94. Crown Castle has a 1 year low of $75.96 and a 1 year high of $115.76. The firm has a fifty day moving average price of $85.73 and a 200-day moving average price of $88.94.

Insider Buying and Selling

In related news, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 25,183 shares of the company’s stock, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Sean Collins sold 3,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $507,442. This represents a 34.09% decrease in their position. The SEC filing for this sale provides additional information. 0.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crown Castle

Large investors have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Crown Castle in the 4th quarter worth $594,670,000. Lazard Asset Management LLC increased its holdings in shares of Crown Castle by 124.2% in the 4th quarter. Lazard Asset Management LLC now owns 11,635,117 shares of the real estate investment trust’s stock worth $1,034,013,000 after buying an additional 6,445,237 shares during the last quarter. Cohen & Steers Inc. raised its position in shares of Crown Castle by 11.0% during the 4th quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust’s stock valued at $3,536,214,000 after buying an additional 3,953,685 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Crown Castle by 591.8% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,471,120 shares of the real estate investment trust’s stock valued at $431,418,000 after buying an additional 3,824,778 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Crown Castle by 422.5% in the 4th quarter. Principal Financial Group Inc. now owns 3,581,154 shares of the real estate investment trust’s stock valued at $318,258,000 after acquiring an additional 2,895,756 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

About Crown Castle

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.