Cibc World Market Inc. Sells 476,790 Shares of Crown Castle Inc. $CCI

Cibc World Market Inc. cut its holdings in Crown Castle Inc. (NYSE:CCI) by 65.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 248,645 shares of the real estate investment trust’s stock after selling 476,790 shares during the period. Cibc World Market Inc. owned 0.06% of Crown Castle worth $23,992,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Empowered Funds LLC increased its holdings in Crown Castle by 7.5% in the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock valued at $1,714,000 after acquiring an additional 1,150 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in shares of Crown Castle by 17.4% in the second quarter. Apollon Wealth Management LLC now owns 6,456 shares of the real estate investment trust’s stock worth $663,000 after purchasing an additional 959 shares during the last quarter. Johnson Investment Counsel Inc. lifted its position in shares of Crown Castle by 5.3% in the second quarter. Johnson Investment Counsel Inc. now owns 4,115 shares of the real estate investment trust’s stock worth $423,000 after buying an additional 208 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in Crown Castle by 17.6% during the second quarter. Concurrent Investment Advisors LLC now owns 6,714 shares of the real estate investment trust’s stock valued at $690,000 after buying an additional 1,003 shares during the last quarter. Finally, CWM LLC grew its holdings in Crown Castle by 1.5% during the 2nd quarter. CWM LLC now owns 19,447 shares of the real estate investment trust’s stock valued at $1,998,000 after buying an additional 294 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CCI. Jefferies Financial Group lowered their target price on Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. Zacks Research cut shares of Crown Castle from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Scotiabank reduced their target price on shares of Crown Castle from $96.00 to $94.00 and set a “sector perform” rating on the stock in a report on Thursday, February 5th. Citigroup lowered their price target on shares of Crown Castle from $110.00 to $106.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Finally, New Street Research lowered Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price target for the company. in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.61.

Crown Castle Stock Up 1.9%

CCI opened at $86.16 on Thursday. The business has a fifty day moving average of $87.25 and a 200 day moving average of $93.25. The stock has a market cap of $37.52 billion, a P/E ratio of 85.31, a PEG ratio of 0.43 and a beta of 0.96. Crown Castle Inc. has a 52-week low of $77.01 and a 52-week high of $115.76.

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.