Cornerstone Capital Inc. Invests $4.48 Million in Crown Castle Inc. $CCI

Cornerstone Capital Inc. purchased a new stake in shares of Crown Castle Inc. (NYSE:CCI) in the 2nd quarter, Holdings Channel reports. The fund purchased 59,128 shares of the real estate investment trust’s stock, valued at approximately $4,478,000.

A number of other large investors have also recently modified their holdings of CCI. Wiser Advisor Group LLC purchased a new position in Crown Castle during the 3rd quarter worth $29,000. Hilton Head Capital Partners LLC raised its position in Crown Castle by 55.6% during the 1st quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 134 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of Crown Castle in the 3rd quarter worth $31,000. Global Assets Advisory LLC purchased a new stake in shares of Crown Castle in the 1st quarter worth $32,000. Finally, Salomon & Ludwin LLC grew its position in shares of Crown Castle by 128.7% during the 4th quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CCI shares. KeyCorp raised their price target on Crown Castle from $98.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Raymond James Financial upped their price objective on shares of Crown Castle from $102.00 to $108.00 and gave the stock a “strong-buy” rating in a research note on Thursday, April 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Crown Castle in a report on Friday, May 22nd. Wolfe Research downgraded shares of Crown Castle from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, May 20th. Finally, The Goldman Sachs Group initiated coverage on shares of Crown Castle in a report on Friday, June 26th. They issued a “neutral” rating and a $95.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.13.

Crown Castle Trading Up 0.2%

Shares of NYSE CCI opened at $75.91 on Friday. Crown Castle Inc. has a 12-month low of $69.72 and a 12-month high of $104.61. The stock’s fifty day simple moving average is $79.61 and its two-hundred day simple moving average is $84.52. The stock has a market capitalization of $32.30 billion, a PE ratio of 38.53, a price-to-earnings-growth ratio of 0.40 and a beta of 0.95.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Crown Castle’s dividend payout ratio is presently 215.74%.

Insider Buying and Selling at Crown Castle

In other news, VP Robert Sean Collins sold 1,500 shares of Crown Castle stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $75.89, for a total value of $113,835.00. Following the transaction, the vice president owned 5,113 shares of the company’s stock, valued at $388,025.57. The trade was a 22.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.09% 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.