Envestnet Asset Management Inc. Cuts Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Envestnet Asset Management Inc. lessened its holdings in Crown Castle Inc. (NYSE:CCI) by 10.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,536,793 shares of the real estate investment trust’s stock after selling 179,843 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Crown Castle were worth $139,479,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CCI. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Crown Castle in the 4th quarter valued at approximately $609,000. Aviva PLC increased its stake in Crown Castle by 3.1% in the 4th quarter. Aviva PLC now owns 552,427 shares of the real estate investment trust’s stock valued at $50,138,000 after purchasing an additional 16,705 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Crown Castle during the fourth quarter worth $6,437,000. Provident Investment Management Inc. boosted its position in Crown Castle by 3.5% during the fourth quarter. Provident Investment Management Inc. now owns 6,515 shares of the real estate investment trust’s stock worth $591,000 after purchasing an additional 220 shares in the last quarter. Finally, Arete Wealth Advisors LLC grew its holdings in Crown Castle by 7.9% in the fourth quarter. Arete Wealth Advisors LLC now owns 5,264 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 385 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI stock opened at $98.06 on Tuesday. The company has a market cap of $42.70 billion, a PE ratio of 34.77 and a beta of 0.93. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The stock has a 50-day moving average price of $95.79 and a two-hundred day moving average price of $99.86. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is presently -69.71%.

Analysts Set New Price Targets

CCI has been the subject of several recent research reports. Jefferies Financial Group downgraded shares of Crown Castle from a “buy” rating to a “hold” rating and dropped their target price for the company from $127.00 to $84.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Crown Castle from $116.00 to $96.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. JMP Securities initiated coverage on Crown Castle in a report on Monday, January 27th. They set an “outperform” rating and a $115.00 target price on the stock. Barclays raised their price target on Crown Castle from $104.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Finally, Argus upgraded Crown Castle to a “hold” rating in a research report on Friday, March 21st. Eleven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $110.00.

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.