Handelsbanken Fonder AB Raises Stock Holdings in Crown Castle Inc. $CCI

Handelsbanken Fonder AB boosted its stake in shares of Crown Castle Inc. (NYSE:CCI) by 6.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,452 shares of the real estate investment trust’s stock after purchasing an additional 13,205 shares during the quarter. Handelsbanken Fonder AB owned about 0.05% of Crown Castle worth $17,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC raised its stake in shares of Crown Castle by 14.8% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,133 shares of the real estate investment trust’s stock worth $237,000 after acquiring an additional 404 shares in the last quarter. Everhart Financial Group Inc. grew its holdings in Crown Castle by 2.7% in the second quarter. Everhart Financial Group Inc. now owns 5,856 shares of the real estate investment trust’s stock worth $443,000 after purchasing an additional 153 shares during the last quarter. Czech National Bank increased its position in shares of Crown Castle by 4.7% during the second quarter. Czech National Bank now owns 124,231 shares of the real estate investment trust’s stock worth $9,408,000 after purchasing an additional 5,630 shares in the last quarter. PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in shares of Crown Castle by 2.6% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 76,588 shares of the real estate investment trust’s stock valued at $5,800,000 after purchasing an additional 1,962 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Crown Castle by 12.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 23,701 shares of the real estate investment trust’s stock worth $1,795,000 after purchasing an additional 2,678 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 1,500 shares of Crown Castle stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the transaction, the vice president directly owned 5,113 shares in the company, valued at approximately $388,025.57. This trade represents a 22.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Royal Bank Of Canada decreased their price target on Crown Castle from $92.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Truist Financial decreased their price objective on shares of Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research report on Tuesday, July 28th. JPMorgan Chase & Co. dropped their target price on shares of Crown Castle from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, July 23rd. KeyCorp raised their price target on shares of Crown Castle from $98.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Finally, The Goldman Sachs Group began coverage on Crown Castle in a research report on Friday, June 26th. They issued a “neutral” rating and a $95.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.13.

Crown Castle Price Performance

CCI stock opened at $73.89 on Thursday. The company has a market capitalization of $31.44 billion, a P/E ratio of 37.51, a price-to-earnings-growth ratio of 0.39 and a beta of 0.95. Crown Castle Inc. has a 12 month low of $69.72 and a 12 month high of $104.61. The firm’s fifty day simple moving average is $80.34 and its 200-day simple moving average is $84.66.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $1.0625 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 5.8%. Crown Castle’s dividend payout ratio is presently 215.74%.

Crown Castle 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.