State of Alaska Department of Revenue raised its holdings in Crown Castle International Corp. (REIT) (NYSE:CCI) by 16.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 289,662 shares of the real estate investment trust’s stock after acquiring an additional 41,059 shares during the quarter. Crown Castle International accounts for about 0.5% of State of Alaska Department of Revenue’s holdings, making the stock its 28th biggest position. State of Alaska Department of Revenue owned about 0.07% of Crown Castle International worth $50,203,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in CCI. Deutsche Bank AG raised its stake in shares of Crown Castle International by 23.2% during the 2nd quarter. Deutsche Bank AG now owns 8,445,874 shares of the real estate investment trust’s stock worth $1,647,791,000 after buying an additional 1,588,394 shares during the last quarter. FMR LLC raised its stake in shares of Crown Castle International by 33.3% during the 2nd quarter. FMR LLC now owns 5,286,356 shares of the real estate investment trust’s stock worth $1,031,369,000 after buying an additional 1,320,474 shares during the last quarter. Amundi acquired a new position in Crown Castle International in the 2nd quarter valued at about $173,937,000. Morgan Stanley grew its holdings in Crown Castle International by 9.9% in the 2nd quarter. Morgan Stanley now owns 9,536,422 shares of the real estate investment trust’s stock valued at $1,860,558,000 after buying an additional 856,986 shares during the period. Finally, Capital International Investors grew its holdings in Crown Castle International by 3.7% in the 2nd quarter. Capital International Investors now owns 18,362,162 shares of the real estate investment trust’s stock valued at $3,583,231,000 after buying an additional 658,562 shares during the period. 90.15% of the stock is owned by institutional investors and hedge funds.
In related news, Director Kevin A. Stephens bought 1,110 shares of the company’s stock in a transaction on Wednesday, October 27th. The shares were purchased at an average cost of $178.66 per share, with a total value of $198,312.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.45% of the company’s stock.
Crown Castle International (NYSE:CCI) last posted its quarterly earnings results on Tuesday, October 19th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.05. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.62 billion. Crown Castle International had a return on equity of 14.75% and a net margin of 21.27%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.56 EPS. As a group, equities research analysts expect that Crown Castle International Corp. will post 6.58 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Wednesday, December 15th will be given a dividend of $1.47 per share. This is a positive change from Crown Castle International’s previous quarterly dividend of $1.33. This represents a $5.88 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Tuesday, December 14th. Crown Castle International’s dividend payout ratio is currently 175.58%.
Several analysts have commented on CCI shares. Credit Suisse Group upgraded Crown Castle International from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $192.00 to $195.00 in a report on Tuesday, October 19th. Oppenheimer cut Crown Castle International from an “outperform” rating to a “market perform” rating and set a $205.00 price target for the company. in a report on Friday, September 10th. JPMorgan Chase & Co. decreased their price target on Crown Castle International from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Thursday, September 30th. They noted that the move was a valuation call. KeyCorp decreased their price target on Crown Castle International from $224.00 to $202.00 and set an “overweight” rating for the company in a report on Friday, October 22nd. Finally, Royal Bank of Canada decreased their price target on Crown Castle International from $210.00 to $202.00 and set an “outperform” rating for the company in a report on Monday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $196.08.
Crown Castle International Company Profile
Crown Castle International Corp. is a real estate investment trust company, which engages in the provision of access to wireless infrastructure via long-term contacts. It operates through the following segments: Towers and Fiber. The Towers segment offers access, including space or capacity towers dispersed throughout the United States.
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