Lecap Asset Management Ltd. Sells 20,219 Shares of Crown Castle Inc. (NYSE:CCI)

Lecap Asset Management Ltd. lowered its stake in shares of Crown Castle Inc. (NYSE:CCI) by 59.3% in the third quarter, Holdings Channel reports. The firm owned 13,857 shares of the real estate investment trust’s stock after selling 20,219 shares during the period. Lecap Asset Management Ltd.’s holdings in Crown Castle were worth $1,644,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CCI. Leo Wealth LLC increased its stake in shares of Crown Castle by 0.3% in the third quarter. Leo Wealth LLC now owns 35,763 shares of the real estate investment trust’s stock worth $4,243,000 after purchasing an additional 123 shares during the period. Eastern Bank bought a new stake in Crown Castle in the 3rd quarter valued at $119,000. Signaturefd LLC grew its position in Crown Castle by 0.8% in the 3rd quarter. Signaturefd LLC now owns 17,169 shares of the real estate investment trust’s stock worth $2,037,000 after purchasing an additional 141 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Crown Castle by 5.2% during the third quarter. Sequoia Financial Advisors LLC now owns 8,429 shares of the real estate investment trust’s stock valued at $1,000,000 after buying an additional 416 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in shares of Crown Castle by 20.7% in the 3rd quarter. Foundations Investment Advisors LLC now owns 33,943 shares of the real estate investment trust’s stock worth $4,027,000 after acquiring an additional 5,812 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Jefferies Financial Group upped their target price on Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Citigroup set a $128.00 price target on shares of Crown Castle in a research note on Thursday, October 17th. The Goldman Sachs Group upped their price target on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. TD Cowen reduced their target price on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $116.47.

Crown Castle Price Performance

Crown Castle stock opened at $110.68 on Thursday. The business’s 50-day simple moving average is $114.02 and its 200 day simple moving average is $105.30. The company has a quick ratio of 0.43, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The stock has a market cap of $48.09 billion, a price-to-earnings ratio of 34.59 and a beta of 0.85. Crown Castle Inc. has a 12-month low of $86.49 and a 12-month high of $120.92.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the firm earned $1.77 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. As a group, research analysts anticipate that Crown Castle Inc. will post 6.65 earnings per share for the current year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $1.565 dividend. The ex-dividend date was Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.66%. Crown Castle’s dividend payout ratio is presently 195.63%.

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.