Magellan Asset Management Ltd Acquires 63,026 Shares of Crown Castle Inc. $CCI

Magellan Asset Management Ltd raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 4.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,394,248 shares of the real estate investment trust’s stock after purchasing an additional 63,026 shares during the quarter. Crown Castle accounts for approximately 1.6% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 26th largest holding. Magellan Asset Management Ltd owned approximately 0.32% of Crown Castle worth $134,531,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Winnow Wealth LLC bought a new stake in Crown Castle during the 2nd quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC bought a new position in Crown Castle in the 2nd quarter worth about $27,000. NewSquare Capital LLC increased its position in shares of Crown Castle by 74.5% during the second quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 120 shares during the period. Creative Financial Designs Inc. ADV raised its stake in shares of Crown Castle by 47.8% during the second quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 98 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Crown Castle in the third quarter valued at approximately $29,000. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Price Performance

Crown Castle stock opened at $88.69 on Wednesday. Crown Castle Inc. has a 1-year low of $77.01 and a 1-year high of $115.76. The business has a fifty day moving average price of $87.04 and a 200-day moving average price of $92.03. The stock has a market capitalization of $38.62 billion, a price-to-earnings ratio of 87.81, a PEG ratio of 0.44 and a beta of 0.96.

Analysts Set New Price Targets

CCI has been the topic of several research reports. Citigroup reduced their price objective on Crown Castle from $110.00 to $106.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. New Street Research lowered Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price target on the stock. in a research note on Monday, January 5th. The Goldman Sachs Group lowered their price objective on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Finally, KeyCorp reduced their price target on shares of Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $100.02.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.