Crown Castle (NYSE:CCI) Hits New 52-Week Low – Here’s What Happened

Shares of Crown Castle Inc. (NYSE:CCI) reached a new 52-week low on Wednesday . The company traded as low as $71.77 and last traded at $72.12, with a volume of 1613569 shares trading hands. The stock had previously closed at $77.66.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CCI. The Goldman Sachs Group began coverage on shares of Crown Castle in a report on Friday, June 26th. They issued a “neutral” rating and a $95.00 target price for the company. Citigroup restated a “market outperform” rating on shares of Crown Castle in a research note on Friday, July 24th. Barclays lifted their price target on shares of Crown Castle from $91.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. TD Cowen lowered their price target on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Finally, KeyCorp raised their price target on Crown Castle from $98.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Crown Castle currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.13.

Crown Castle Stock Performance

The company has a market capitalization of $33.09 billion, a PE ratio of 38.48, a P/E/G ratio of 0.39 and a beta of 0.95. The firm has a fifty day simple moving average of $81.64 and a 200 day simple moving average of $85.04.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $1.0625 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. Crown Castle’s dividend payout ratio is presently 215.74%.

Hedge Funds Weigh In On Crown Castle

Large investors have recently modified their holdings of the business. Wiser Advisor Group LLC acquired a new position in Crown Castle in the third quarter valued at about $29,000. Triumph Capital Management acquired a new stake in Crown Castle in the 3rd quarter valued at approximately $31,000. Hilton Head Capital Partners LLC raised its position in Crown Castle by 55.6% in the first quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 134 shares during the period. Salomon & Ludwin LLC boosted its position in shares of Crown Castle by 128.7% during the fourth quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 215 shares during the period. Finally, MV Capital Management Inc. acquired a new stake in shares of Crown Castle in the fourth quarter valued at $34,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Company Profile

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.