Edgestream Partners L.P. Acquires Shares of 58,976 Crown Castle Inc. (NYSE:CCI)

Edgestream Partners L.P. bought a new position in shares of Crown Castle Inc. (NYSE:CCI) in the 2nd quarter, Holdings Channel reports. The fund bought 58,976 shares of the real estate investment trust’s stock, valued at approximately $5,762,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Crown Castle by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 56,609,569 shares of the real estate investment trust’s stock worth $5,990,991,000 after acquiring an additional 673,243 shares during the period. Cohen & Steers Inc. lifted its holdings in shares of Crown Castle by 7.9% during the fourth quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock worth $1,310,559,000 after purchasing an additional 834,198 shares during the period. Wellington Management Group LLP grew its position in Crown Castle by 11.1% in the 4th quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock valued at $1,297,147,000 after buying an additional 1,126,394 shares during the last quarter. Norges Bank acquired a new position in Crown Castle in the 4th quarter valued at $581,503,000. Finally, Fisher Asset Management LLC raised its position in Crown Castle by 16.2% during the 4th quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock worth $523,773,000 after buying an additional 632,398 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares in the company, valued at $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.39% of the stock is owned by insiders.

Crown Castle Stock Up 1.2 %

Shares of NYSE CCI opened at $120.25 on Tuesday. The firm’s 50-day moving average is $110.24 and its two-hundred day moving average is $103.85. The company has a market capitalization of $52.25 billion, a PE ratio of 37.58 and a beta of 0.85. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. Crown Castle’s quarterly revenue was down 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 EPS. Equities analysts anticipate that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 5.21%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CCI shares. TD Cowen lifted their target price on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. The Goldman Sachs Group initiated coverage on Crown Castle in a report on Monday, July 1st. They issued a “neutral” rating and a $104.00 price target for the company. Bank of America upped their price objective on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Finally, BMO Capital Markets raised their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Crown Castle has an average rating of “Hold” and a consensus price target of $113.53.

Crown Castle 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.