Magnetar Financial LLC Buys Shares of 64,548 Crown Castle Inc. (NYSE:CCI)

Magnetar Financial LLC bought a new stake in Crown Castle Inc. (NYSE:CCI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 64,548 shares of the real estate investment trust’s stock, valued at approximately $5,858,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CCI. Wellington Management Group LLP raised its position in Crown Castle by 23.8% in the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock valued at $2,079,417,000 after purchasing an additional 3,371,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Crown Castle by 433.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,968,959 shares of the real estate investment trust’s stock valued at $470,838,000 after purchasing an additional 3,225,460 shares during the period. Raymond James Financial Inc. purchased a new stake in Crown Castle in the fourth quarter valued at $95,167,000. State Street Corp raised its position in Crown Castle by 3.7% in the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after purchasing an additional 747,390 shares during the period. Finally, Proficio Capital Partners LLC raised its position in Crown Castle by 9,471.0% in the fourth quarter. Proficio Capital Partners LLC now owns 747,590 shares of the real estate investment trust’s stock valued at $748,000 after purchasing an additional 739,779 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Moffett Nathanson reduced their target price on Crown Castle from $127.00 to $105.00 in a research report on Thursday, January 23rd. Citigroup increased their target price on Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. JMP Securities started coverage on Crown Castle in a research note on Monday, January 27th. They set an “outperform” rating and a $115.00 target price on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on Crown Castle from $116.00 to $96.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Finally, Scotiabank decreased their target price on Crown Castle from $102.00 to $99.00 and set a “sector perform” rating on the stock in a research note on Friday, March 14th. Eleven research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Crown Castle currently has a consensus rating of “Moderate Buy” and an average price target of $110.29.

Crown Castle Price Performance

CCI stock opened at $104.52 on Thursday. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $45.43 billion, a P/E ratio of 37.07 and a beta of 0.89. The business’s 50-day moving average is $91.98 and its two-hundred day moving average is $101.23. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $1.565 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.99%. Crown Castle’s payout ratio is currently -69.71%.

Crown Castle Company 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.