Cohen & Steers Inc. Acquires 834,198 Shares of Crown Castle Inc. (NYSE:CCI)

Cohen & Steers Inc. increased its holdings in shares of Crown Castle Inc. (NYSE:CCIFree Report) by 7.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,375,567 shares of the real estate investment trust’s stock after acquiring an additional 834,198 shares during the period. Crown Castle comprises 2.7% of Cohen & Steers Inc.’s portfolio, making the stock its 12th biggest position. Cohen & Steers Inc. owned about 2.62% of Crown Castle worth $1,310,559,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCI. Norges Bank bought a new stake in shares of Crown Castle during the 4th quarter worth approximately $581,503,000. The Manufacturers Life Insurance Company raised its position in 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. Wellington Management Group LLP raised its position in 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. Mizuho Markets Americas LLC bought a new stake in Crown Castle during the 4th quarter valued at $201,582,000. Finally, Balyasny Asset Management L.P. raised its position in Crown Castle by 18,200.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after purchasing an additional 1,642,432 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Down 0.6 %

CCI stock traded down $0.59 on Wednesday, hitting $99.67. 2,303,835 shares of the company’s stock were exchanged, compared to its average volume of 2,815,343. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50. The firm has a 50 day moving average price of $98.52 and a two-hundred day moving average price of $106.23. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a market cap of $43.31 billion, a P/E ratio of 31.15, a price-to-earnings-growth ratio of 2.66 and a beta of 0.82.

Crown Castle (NYSE:CCIGet Free Report) last announced its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.92). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.91 earnings per share. As a group, equities research analysts expect that Crown Castle Inc. will post 6.59 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $1.565 per share. The ex-dividend date is Friday, June 14th. This represents a $6.26 annualized dividend and a yield of 6.28%. Crown Castle’s payout ratio is presently 195.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CCI shares. Scotiabank decreased their target price on Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a research report on Thursday, April 18th. Bank of America decreased their target price on Crown Castle from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Jefferies Financial Group decreased their target price on Crown Castle from $126.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Wells Fargo & Company cut their price target on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Finally, Royal Bank of Canada cut their price target on Crown Castle from $109.00 to $100.00 and set a “sector perform” rating on the stock in a report on Tuesday, May 7th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $112.64.

Get Our Latest Report on Crown Castle

About Crown Castle

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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