NewEdge Advisors LLC Reduces Stock Position in Crown Castle Inc. $CCI

NewEdge Advisors LLC lessened its stake in Crown Castle Inc. (NYSE:CCI) by 24.2% in the first quarter, HoldingsChannel reports. The firm owned 24,472 shares of the real estate investment trust’s stock after selling 7,812 shares during the period. NewEdge Advisors LLC’s holdings in Crown Castle were worth $1,990,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of Crown Castle by 9.9% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 672,933 shares of the real estate investment trust’s stock worth $60,086,000 after buying an additional 60,497 shares during the last quarter. Cooke & Bieler LP increased its position in Crown Castle by 21.2% during the fourth quarter. Cooke & Bieler LP now owns 2,930,797 shares of the real estate investment trust’s stock valued at $260,460,000 after acquiring an additional 511,763 shares during the last quarter. Legal & General Group Plc increased its position in Crown Castle by 7.2% during the fourth quarter. Legal & General Group Plc now owns 6,025,433 shares of the real estate investment trust’s stock valued at $535,480,000 after acquiring an additional 403,943 shares during the last quarter. Skylands Capital LLC lifted its holdings in Crown Castle by 6.2% in the fourth quarter. Skylands Capital LLC now owns 262,050 shares of the real estate investment trust’s stock valued at $23,288,000 after acquiring an additional 15,300 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Crown Castle by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 5,506,580 shares of the real estate investment trust’s stock valued at $489,370,000 after acquiring an additional 54,078 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CCI has been the topic of several research reports. Truist Financial dropped their target price on Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a research report on Tuesday, July 28th. TD Cowen reduced their price target on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Barclays increased their price objective on shares of Crown Castle from $91.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Citizens Jmp cut their target price on shares of Crown Castle from $125.00 to $120.00 and set a “market outperform” rating for the company in a research report on Friday, July 24th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Crown Castle in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Crown Castle currently has a consensus rating of “Moderate Buy” and an average price target of $95.13.

Insider Activity at Crown Castle

In other news, VP Robert Sean Collins sold 1,500 shares of Crown Castle stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the transaction, the vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.09% of the stock is owned by company insiders.

Crown Castle Stock Performance

NYSE CCI opened at $75.91 on Friday. The company 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. The business’s fifty day moving average is $79.61 and its 200 day moving average is $84.52. Crown Castle Inc. has a fifty-two week low of $69.72 and a fifty-two week high of $104.61.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $4.25 annualized dividend and a dividend yield of 5.6%. Crown Castle’s dividend payout ratio (DPR) is 215.74%.

Crown Castle Profile

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.