Intact Investment Management Inc. Buys 6,900 Shares of Crown Castle Inc. (NYSE:CCI)

Intact Investment Management Inc. boosted its stake in Crown Castle Inc. (NYSE:CCI) by 6.3% in the fourth quarter, HoldingsChannel reports. The firm owned 117,000 shares of the real estate investment trust’s stock after acquiring an additional 6,900 shares during the period. Intact Investment Management Inc.’s holdings in Crown Castle were worth $10,619,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CCI. Wellington Management Group LLP increased its holdings in Crown Castle by 23.8% in the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock valued at $2,079,417,000 after purchasing an additional 3,371,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Crown Castle by 433.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,968,959 shares of the real estate investment trust’s stock worth $470,838,000 after purchasing an additional 3,225,460 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Crown Castle during the fourth quarter worth about $95,167,000. State Street Corp raised its position in shares of Crown Castle by 3.7% during the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock worth $2,476,470,000 after purchasing an additional 747,390 shares during the period. Finally, Proficio Capital Partners LLC raised its position in shares of Crown Castle by 9,471.0% during the fourth quarter. Proficio Capital Partners LLC now owns 747,590 shares of the real estate investment trust’s stock worth $748,000 after purchasing an additional 739,779 shares during the period. Institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 0.4 %

CCI stock opened at $94.92 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The business has a 50 day moving average price of $90.74 and a two-hundred day moving average price of $101.55. The company has a market cap of $41.25 billion, a price-to-earnings ratio of 33.66 and a beta of 0.89. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $1.565 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a yield of 6.59%. Crown Castle’s dividend payout ratio is 221.99%.

Analysts Set New Price Targets

CCI has been the topic of a number of research analyst reports. Citizens Jmp raised Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. Moffett Nathanson dropped their price target on Crown Castle from $127.00 to $105.00 in a research report on Thursday, January 23rd. JMP Securities initiated coverage on Crown Castle in a research report on Monday, January 27th. They set an “outperform” rating and a $115.00 price target on the stock. Jefferies Financial Group lowered Crown Castle from a “buy” rating to a “hold” rating and dropped their price target for the stock from $127.00 to $84.00 in a research report on Thursday, January 2nd. Finally, Wells Fargo & Company dropped their price target on Crown Castle from $100.00 to $85.00 and set an “underweight” rating on the stock in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $108.75.

About Crown Castle

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.