Wolfe Research Issues Pessimistic Forecast for Crown Castle (NYSE:CCI) Stock Price

Crown Castle (NYSE:CCI) had its price target cut by equities research analysts at Wolfe Research from $114.00 to $94.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Wolfe Research’s price target points to a potential upside of 10.73% from the stock’s previous close.

Other research analysts have also issued research reports about the company. HSBC reduced their price target on Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a research report on Thursday, February 5th. Truist Financial started coverage on Crown Castle in a research report on Tuesday, March 31st. They set a “hold” rating and a $90.00 price target for the company. Wall Street Zen upgraded Crown Castle from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Weiss Ratings upgraded Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research report on Tuesday, February 24th. Finally, KeyCorp reduced their price target on Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.28.

Crown Castle Stock Performance

Shares of CCI stock opened at $84.89 on Monday. Crown Castle has a 1 year low of $75.96 and a 1 year high of $115.76. The stock has a fifty day moving average of $85.67 and a two-hundred day moving average of $89.25. The firm has a market capitalization of $37.02 billion, a PE ratio of 84.05, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94.

Insider Buying and Selling at Crown Castle

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares in the company, valued at $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 SEC, which is available through this link. Also, VP Robert Sean Collins sold 3,000 shares of the company’s 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 completion of the sale, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This trade represents a 34.09% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Crown Castle

Several hedge funds have recently modified their holdings of CCI. Empowered Funds LLC lifted its holdings in shares of Crown Castle by 7.5% during the first quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock valued at $1,714,000 after purchasing an additional 1,150 shares during the last quarter. CW Advisors LLC lifted its holdings in shares of Crown Castle by 24.6% during the second quarter. CW Advisors LLC now owns 5,032 shares of the real estate investment trust’s stock valued at $517,000 after purchasing an additional 992 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Crown Castle by 61.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,539 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 969 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Crown Castle by 6.9% during the second quarter. First Trust Advisors LP now owns 87,611 shares of the real estate investment trust’s stock valued at $9,000,000 after purchasing an additional 5,630 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of Crown Castle by 3.7% during the second quarter. Baird Financial Group Inc. now owns 7,655 shares of the real estate investment trust’s stock valued at $786,000 after purchasing an additional 272 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

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.