Crown Castle International Corporation (CCI) Upgraded by Zacks Investment Research to “Strong-Buy”

Crown Castle International Corporation (NYSE:CCI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, July 11th. The brokerage currently has a $114.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.04% from the stock’s previous close.

According to Zacks, “Crown Castle recently completed the acquisition of privately-held Wilcon Holdings. With this buyout, Crown Castle will attain ownership over 28,000 route miles of fiber. Moreover, Crown Castle’s extensive tower portfolio, increased demand for infrastructure, healthy leasing activity, continual buyout of towers and growing demand for mobile broadband act as major positives. Crown Castle acquired 9,700 wireless towers from AT&T and 7,200 from T-Mobile US. The deployment of 5G network should drive growth on the company’s tower and small cell assets as the wireless carriers look to expand and enhance their networks. Over the past three months, the stock has outperformed the Zacks classified REIT-Equity Trust-Other industry. However, high customer concentration, consolidated wireless industry, expenses related to technological changes and foreign currency exchange rate risks remain potent headwinds.”

Other equities research analysts have also recently issued reports about the company. Guggenheim raised Crown Castle International Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $91.00 to $101.00 in a research note on Monday, April 10th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Crown Castle International Corporation in a research note on Monday, June 12th. Citigroup Inc. cut Crown Castle International Corporation to a “market perform” rating in a research note on Monday, June 12th. Barclays PLC reduced their price objective on Crown Castle International Corporation from $101.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, May 22nd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $110.00 price objective on shares of Crown Castle International Corporation in a research note on Monday, July 10th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Crown Castle International Corporation presently has a consensus rating of “Buy” and a consensus price target of $104.95.

Crown Castle International Corporation (NYSE:CCI) traded up 0.14% during midday trading on Tuesday, reaching $100.85. The company had a trading volume of 1,985,288 shares. The firm has a market capitalization of $40.97 billion, a price-to-earnings ratio of 80.49 and a beta of 0.20. The stock’s 50 day moving average is $99.83 and its 200 day moving average is $95.77. Crown Castle International Corporation has a 12-month low of $79.38 and a 12-month high of $104.68.

Crown Castle International Corporation (NYSE:CCI) last issued its earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.03. Crown Castle International Corporation had a return on equity of 6.21% and a net margin of 11.14%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the firm posted $1.05 earnings per share. The business’s revenue was up 7.9% compared to the same quarter last year. Equities research analysts expect that Crown Castle International Corporation will post $1.17 earnings per share for the current year.

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In other Crown Castle International Corporation news, Director J Landis Martin acquired 30,000 shares of Crown Castle International Corporation stock in a transaction that occurred on Friday, July 28th. The stock was bought at an average price of $100.64 per share, with a total value of $3,019,200.00. Following the completion of the purchase, the director now directly owns 99,335 shares of the company’s stock, valued at approximately $9,997,074.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert F. Mckenzie sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $96.48, for a total transaction of $144,720.00. Following the completion of the transaction, the director now directly owns 28,953 shares of the company’s stock, valued at approximately $2,793,385.44. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. Winslow Evans & Crocker Inc. increased its position in shares of Crown Castle International Corporation by 36.0% in the second quarter. Winslow Evans & Crocker Inc. now owns 1,050 shares of the real estate investment trust’s stock worth $104,000 after buying an additional 278 shares during the last quarter. Capital Analysts LLC increased its position in shares of Crown Castle International Corporation by 5.0% in the second quarter. Capital Analysts LLC now owns 1,113 shares of the real estate investment trust’s stock worth $112,000 after buying an additional 53 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Crown Castle International Corporation by 261.5% in the first quarter. Parallel Advisors LLC now owns 1,276 shares of the real estate investment trust’s stock worth $120,000 after buying an additional 923 shares during the last quarter. Guardian Life Insurance Co. of America increased its position in shares of Crown Castle International Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,391 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 10 shares during the last quarter. Finally, First Personal Financial Services increased its position in shares of Crown Castle International Corporation by 1,574.0% in the first quarter. First Personal Financial Services now owns 1,674 shares of the real estate investment trust’s stock worth $158,000 after buying an additional 1,574 shares during the last quarter. 82.80% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle International Corporation Company Profile

Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).

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