Harvest Fund Management Co. Ltd Takes $167,000 Position in Crown Castle Inc. (NYSE:CCI)

Harvest Fund Management Co. Ltd bought a new position in Crown Castle Inc. (NYSE:CCI) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,405 shares of the real estate investment trust’s stock, valued at approximately $167,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Bancorp Inc. raised its stake in Crown Castle by 13.0% during the third quarter. Pinnacle Bancorp Inc. now owns 783 shares of the real estate investment trust’s stock worth $93,000 after acquiring an additional 90 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in Crown Castle by 2.4% during the 2nd quarter. Pathway Financial Advisers LLC now owns 3,869 shares of the real estate investment trust’s stock valued at $376,000 after purchasing an additional 91 shares during the last quarter. Prosperity Consulting Group LLC boosted its position in Crown Castle by 4.4% in the second quarter. Prosperity Consulting Group LLC now owns 2,262 shares of the real estate investment trust’s stock valued at $221,000 after buying an additional 95 shares in the last quarter. True North Advisors LLC grew its stake in Crown Castle by 4.2% during the third quarter. True North Advisors LLC now owns 2,345 shares of the real estate investment trust’s stock worth $278,000 after buying an additional 95 shares during the last quarter. Finally, Granite Investment Partners LLC grew its stake in Crown Castle by 0.5% during the second quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock worth $1,899,000 after buying an additional 100 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI opened at $106.69 on Thursday. The company has a fifty day moving average price of $109.83 and a two-hundred day moving average price of $106.98. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $46.37 billion, a PE ratio of 37.83 and a beta of 0.86. Crown Castle Inc. has a 52 week low of $92.48 and a 52 week high of $120.92.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS 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 company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the firm earned $1.77 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts anticipate that Crown Castle Inc. will post 6.66 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.87%. The ex-dividend date is Friday, December 13th. Crown Castle’s payout ratio is 221.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Jefferies Financial Group boosted their target price on Crown Castle from $123.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. TD Cowen reduced their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. The Goldman Sachs Group raised their target price on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Barclays upped their price target on shares of Crown Castle from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company raised their price objective on shares of Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Crown Castle has an average rating of “Hold” and an average target price of $116.87.

Crown Castle Company Profile

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.