Raymond James Financial Issues Pessimistic Forecast for Crown Castle (NYSE:CCI) Stock Price

Crown Castle (NYSE:CCI) had its price objective dropped by analysts at Raymond James Financial from $120.00 to $106.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage currently has a “strong-buy” rating on the real estate investment trust’s stock. Raymond James Financial’s target price points to a potential upside of 22.43% from the stock’s current price.

Several other research analysts have also weighed in on CCI. Jefferies Financial Group reduced their target price on Crown Castle from $102.00 to $90.00 and set a “hold” rating on the stock in a report on Tuesday, December 16th. Scotiabank decreased their price objective on Crown Castle from $114.00 to $96.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. JPMorgan Chase & Co. dropped their target price on shares of Crown Castle from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. KeyCorp cut their price target on shares of Crown Castle from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, UBS Group reduced their price target on shares of Crown Castle from $127.00 to $116.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $106.75.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $86.58 on Friday. Crown Castle has a 52-week low of $83.21 and a 52-week high of $115.76. The stock has a market cap of $37.70 billion, a P/E ratio of -8.14, a P/E/G ratio of 0.55 and a beta of 0.96. The firm has a 50 day moving average price of $88.59 and a 200 day moving average price of $95.20.

Crown Castle (NYSE:CCI) last announced its quarterly 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. Crown Castle had a negative net margin of 95.37% and a negative return on equity of 619.62%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same period last year, the firm posted $1.84 earnings per share. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. Analysts predict that Crown Castle will post 6.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Crown Castle

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Patton Fund Management Inc. boosted its stake in shares of Crown Castle by 14.1% during the 4th quarter. Patton Fund Management Inc. now owns 2,506 shares of the real estate investment trust’s stock worth $223,000 after buying an additional 309 shares during the last quarter. Gilliland Jeter Wealth Management LLC raised its holdings in Crown Castle by 5.5% during the fourth quarter. Gilliland Jeter Wealth Management LLC now owns 9,029 shares of the real estate investment trust’s stock worth $802,000 after acquiring an additional 473 shares in the last quarter. Choreo LLC boosted its position in Crown Castle by 11.3% during the fourth quarter. Choreo LLC now owns 12,262 shares of the real estate investment trust’s stock valued at $1,105,000 after purchasing an additional 1,241 shares during the last quarter. Altfest L J & Co. Inc. acquired a new position in Crown Castle during the fourth quarter valued at approximately $737,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in Crown Castle by 36.5% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 692,656 shares of the real estate investment trust’s stock valued at $61,556,000 after purchasing an additional 185,360 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.