Crown Castle Inc. $CCI Stake Cut by Pitcairn Co.

Pitcairn Co. decreased its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 70.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,570 shares of the real estate investment trust’s stock after selling 20,808 shares during the period. Pitcairn Co.’s holdings in Crown Castle were worth $880,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Kovitz Investment Group Partners LLC raised its stake in Crown Castle by 229.9% during the first quarter. Kovitz Investment Group Partners LLC now owns 30,264 shares of the real estate investment trust’s stock worth $3,154,000 after acquiring an additional 21,091 shares during the period. Horizon Investments LLC raised its position in shares of Crown Castle by 4.9% during the 1st quarter. Horizon Investments LLC now owns 6,238 shares of the real estate investment trust’s stock worth $650,000 after purchasing an additional 291 shares during the period. American Century Companies Inc. raised its position in shares of Crown Castle by 36.9% during the 1st quarter. American Century Companies Inc. now owns 198,171 shares of the real estate investment trust’s stock worth $20,655,000 after purchasing an additional 53,405 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Crown Castle by 2.6% in the 1st quarter. Wellington Management Group LLP now owns 21,387,895 shares of the real estate investment trust’s stock worth $2,229,260,000 after purchasing an additional 538,049 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Crown Castle during the 1st quarter valued at approximately $3,635,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Daniel K. Schlanger sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $98.08, for a total transaction of $2,942,400.00. Following the completion of the sale, the executive vice president directly owned 65,571 shares in the company, valued at approximately $6,431,203.68. This trade represents a 31.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wolfe Research raised Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 target price on the stock in a research report on Monday, September 22nd. Citigroup dropped their price objective on shares of Crown Castle from $124.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Crown Castle in a research note on Monday, December 8th. Raymond James Financial decreased their target price on shares of Crown Castle from $124.00 to $120.00 and set a “strong-buy” rating for the company in a research report on Thursday, October 23rd. Finally, KeyCorp cut their price target on Crown Castle from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, September 17th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $111.59.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $89.56 on Tuesday. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $115.76. The firm has a market cap of $39.00 billion, a P/E ratio of -8.43, a PEG ratio of 0.67 and a beta of 0.94. The stock has a fifty day moving average price of $92.63 and a two-hundred day moving average price of $97.85.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.08. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 95.37%.The company’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business posted $1.84 earnings per share. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. On average, research analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, December 15th. Crown Castle’s payout ratio is presently -39.98%.

Crown Castle Company Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.