BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Stock Position in Crown Castle Inc. (NYSE:CCI)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in Crown Castle Inc. (NYSE:CCI) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,508 shares of the real estate investment trust’s stock after selling 10,710 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Crown Castle were worth $8,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of CCI. Kolinsky Wealth Management LLC bought a new position in Crown Castle in the 3rd quarter worth approximately $267,000. Caisse DE Depot ET Placement DU Quebec grew its stake in Crown Castle by 86.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 560,000 shares of the real estate investment trust’s stock valued at $66,433,000 after acquiring an additional 260,000 shares in the last quarter. White Knight Strategic Wealth Advisors LLC increased its holdings in Crown Castle by 2.7% in the 3rd quarter. White Knight Strategic Wealth Advisors LLC now owns 5,534 shares of the real estate investment trust’s stock valued at $656,000 after acquiring an additional 146 shares during the last quarter. Fred Alger Management LLC increased its holdings in Crown Castle by 2.8% in the 3rd quarter. Fred Alger Management LLC now owns 41,329 shares of the real estate investment trust’s stock valued at $4,903,000 after acquiring an additional 1,111 shares during the last quarter. Finally, Captrust Financial Advisors lifted its stake in Crown Castle by 21.5% in the 3rd quarter. Captrust Financial Advisors now owns 17,919 shares of the real estate investment trust’s stock worth $2,126,000 after purchasing an additional 3,176 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

CCI has been the topic of several research reports. Citigroup set a $128.00 target price on Crown Castle in a report on Thursday, October 17th. UBS Group lifted their price objective on Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Barclays increased their target price on Crown Castle from $116.00 to $117.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. TD Cowen reduced their price target on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a research report on Thursday, October 17th. Finally, Royal Bank of Canada increased their price objective on shares of Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Twelve analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $116.87.

Crown Castle Stock Down 0.4 %

Shares of NYSE CCI opened at $106.25 on Monday. Crown Castle Inc. has a 1 year low of $92.48 and a 1 year high of $120.92. The firm has a 50-day simple moving average of $109.48 and a two-hundred day simple moving average of $107.09. The company has a market cap of $46.18 billion, a P/E ratio of 37.68 and a beta of 0.86. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (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 business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the prior year, the business posted $1.77 earnings per share. Crown Castle’s revenue was down .9% on a year-over-year basis. Research analysts anticipate that Crown Castle Inc. will post 6.66 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date is Friday, December 13th. Crown Castle’s payout ratio is presently 221.99%.

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.