Procyon Advisors LLC Takes $839,000 Position in Crown Castle Inc. (NYSE:CCI)

Procyon Advisors LLC acquired a new stake in Crown Castle Inc. (NYSE:CCIGet Rating) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,983 shares of the real estate investment trust’s stock, valued at approximately $839,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. IAG Wealth Partners LLC raised its stake in Crown Castle by 277.8% during the fourth quarter. IAG Wealth Partners LLC now owns 136 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Crown Castle during the 1st quarter worth about $25,000. HHM Wealth Advisors LLC bought a new position in Crown Castle during the 1st quarter valued at about $28,000. Blume Capital Management Inc. bought a new position in Crown Castle during the 1st quarter valued at about $29,000. Finally, HWG Holdings LP acquired a new position in Crown Castle in the fourth quarter valued at about $34,000. Institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CCI. KeyCorp dropped their price objective on shares of Crown Castle from $219.00 to $205.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Barclays cut their price objective on Crown Castle from $214.00 to $212.00 and set an “overweight” rating for the company in a research report on Friday, August 26th. Raymond James decreased their target price on Crown Castle from $206.00 to $201.00 in a report on Friday, July 22nd. The Goldman Sachs Group cut their price target on Crown Castle from $189.00 to $166.00 and set a “neutral” rating for the company in a report on Tuesday, July 12th. Finally, Cowen dropped their target price on shares of Crown Castle to $195.00 in a research note on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $195.20.

Insider Transactions at Crown Castle

In other Crown Castle news, Director Kevin A. Stephens purchased 699 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were acquired at an average price of $173.60 per share, for a total transaction of $121,346.40. Following the purchase, the director now owns 10,703 shares in the company, valued at $1,858,040.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.47% of the stock is currently owned by corporate insiders.

Crown Castle Stock Performance

Shares of CCI opened at $163.22 on Monday. The stock has a market capitalization of $70.68 billion, a price-to-earnings ratio of 45.85 and a beta of 0.60. Crown Castle Inc. has a 12 month low of $153.70 and a 12 month high of $209.87. The firm has a fifty day simple moving average of $174.61 and a 200 day simple moving average of $178.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 2.70.

Crown Castle (NYSE:CCIGet Rating) last posted its quarterly earnings data on Wednesday, July 20th. The real estate investment trust reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.74). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.71 billion. Crown Castle had a return on equity of 18.93% and a net margin of 22.91%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.71 earnings per share. Research analysts forecast that Crown Castle Inc. will post 7.03 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a $1.47 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.60%. Crown Castle’s payout ratio is 165.17%.

Crown Castle Profile

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Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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.

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Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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