Crown Castle Inc. (NYSE:CCI) Shares Sold by Summit Financial LLC

Summit Financial LLC decreased its stake in shares of Crown Castle Inc. (NYSE:CCI) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,196 shares of the real estate investment trust’s stock after selling 1,056 shares during the period. Summit Financial LLC’s holdings in Crown Castle were worth $368,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Morgan Stanley boosted its position in shares of Crown Castle by 8.9% during the 3rd quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock valued at $1,203,648,000 after purchasing an additional 1,064,382 shares in the last quarter. FMR LLC boosted its position in shares of Crown Castle by 14.3% during the 3rd quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock valued at $1,098,526,000 after purchasing an additional 1,496,330 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Crown Castle by 21.9% during the 3rd quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock valued at $932,682,000 after purchasing an additional 1,818,910 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Crown Castle by 42.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock valued at $651,910,000 after purchasing an additional 2,121,603 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Crown Castle by 2.9% in the third quarter. Legal & General Group Plc now owns 5,568,481 shares of the real estate investment trust’s stock worth $512,467,000 after buying an additional 155,543 shares during the period. Institutional investors own 90.77% of the company’s stock.

Crown Castle Trading Up 1.0 %

NYSE:CCI opened at $97.39 on Friday. The company’s 50 day moving average is $102.61 and its 200-day moving average is $105.28. The firm has a market cap of $42.32 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.57 and a beta of 0.76. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $119.60.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. Crown Castle had a net margin of 20.32% and a return on equity of 21.30%. The firm’s quarterly revenue was down 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.91 EPS. Equities analysts anticipate that Crown Castle Inc. will post 6.59 EPS for the current year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.43%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s dividend payout ratio is currently 195.63%.

Analysts Set New Price Targets

Several research analysts have commented on CCI shares. BMO Capital Markets decreased their target price on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating for the company in a report on Thursday, April 18th. Bank of America decreased their target price on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Scotiabank decreased their target price on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a report on Thursday, April 18th. Wells Fargo & Company decreased their target price on shares of Crown Castle from $115.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. Finally, Barclays raised their target price on shares of Crown Castle from $111.00 to $112.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 23rd. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle currently has an average rating of “Hold” and an average target price of $113.29.

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.