Crown Castle Inc. $CCI Holdings Trimmed by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its stake in shares of Crown Castle Inc. (NYSE:CCI) by 53.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 322,201 shares of the real estate investment trust’s stock after selling 377,301 shares during the quarter. Retirement Systems of Alabama’s holdings in Crown Castle were worth $21,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fulcrum Asset Management LLP boosted its stake in shares of Crown Castle by 45.1% during the third quarter. Fulcrum Asset Management LLP now owns 3,161 shares of the real estate investment trust’s stock valued at $212,000 after purchasing an additional 982 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Crown Castle by 7.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 28,125 shares of the real estate investment trust’s stock worth $1,860,000 after purchasing an additional 1,925 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its stake in shares of Crown Castle by 964.3% in the third quarter. University of Texas Texas AM Investment Management Co. now owns 6,354 shares of the real estate investment trust’s stock worth $423,000 after buying an additional 5,757 shares during the period. Brighton Jones LLC purchased a new position in shares of Crown Castle in the third quarter worth $296,000. Finally, Pictet Asset Management Holding SA increased its stake in shares of Crown Castle by 1.1% in the third quarter. Pictet Asset Management Holding SA now owns 1,336,958 shares of the real estate investment trust’s stock worth $89,109,000 after buying an additional 14,641 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Price Performance

Shares of NYSE CCI opened at $89.14 on Thursday. Crown Castle Inc. has a 1 year low of $65.32 and a 1 year high of $95.07. The stock has a market capitalization of $37.93 billion, a P/E ratio of 19.81, a P/E/G ratio of 0.78 and a beta of 0.88. The company’s 50-day moving average is $77.88 and its 200 day moving average is $82.30.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The company had revenue of $995.00 million during the quarter, compared to analysts’ expectations of $1.01 billion. Crown Castle had a negative return on equity of 42.11% and a net margin of 20.12%. The business’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the business earned $1.12 earnings per share. Research analysts anticipate that Crown Castle Inc. will post 4.42 earnings per share for the current year.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be given a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.8%. Crown Castle’s dividend payout ratio is currently 223.68%.

Insider Activity

In other news, VP Robert Collins sold 2,500 shares of the stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $88.87, for a total value of $222,175.00. Following the completion of the transaction, the vice president owned 2,613 shares of the company’s stock, valued at approximately $232,217.31. This represents a 48.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CCI shares. Barclays upped their price target on shares of Crown Castle from $84.00 to $86.00 and gave the company an “overweight” rating in a report on Wednesday, September 30th. Truist Financial cut their price target on shares of Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a report on Tuesday, July 28th. JPMorgan Chase & Co. lowered shares of Crown Castle from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $85.00 to $80.00 in a report on Monday, September 14th. Citizens Jmp decreased their price objective on shares of Crown Castle from $125.00 to $120.00 and set a “market outperform” rating on the stock in a research report on Friday, July 24th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Crown Castle in a research note on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Crown Castle currently has an average rating of “Moderate Buy” and a consensus price target of $94.27.

Crown Castle Profile

Crown Castle Inc. (NYSE: CCI) owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity. The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.