Archford Capital Strategies LLC bought a new stake in Crown Castle Inc. (NYSE:CCI – Get Rating) during the second quarter, Holdings Channel.com reports. The firm bought 1,744 shares of the real estate investment trust’s stock, valued at approximately $294,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC raised its holdings in shares of Crown Castle by 10.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 7,886 shares of the real estate investment trust’s stock valued at $1,646,000 after buying an additional 752 shares during the period. Level Four Advisory Services LLC purchased a new stake in shares of Crown Castle in the 4th quarter valued at $400,000. Gamco Investors INC. ET AL purchased a new stake in shares of Crown Castle in the 4th quarter valued at $240,000. Schroder Investment Management Group raised its holdings in shares of Crown Castle by 21.5% in the 4th quarter. Schroder Investment Management Group now owns 96,586 shares of the real estate investment trust’s stock valued at $20,161,000 after buying an additional 17,083 shares during the period. Finally, Hilltop Holdings Inc. raised its holdings in shares of Crown Castle by 18.4% in the 4th quarter. Hilltop Holdings Inc. now owns 10,776 shares of the real estate investment trust’s stock valued at $2,249,000 after buying an additional 1,678 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.
Analyst Ratings Changes
CCI has been the topic of several research analyst reports. Cowen cut their price objective on Crown Castle to $195.00 in a report on Friday, July 22nd. Wells Fargo & Company cut their price target on Crown Castle from $180.00 to $175.00 and set an “underweight” rating on the stock in a report on Tuesday, July 19th. Jefferies Financial Group upgraded Crown Castle from a “hold” rating to a “buy” rating and upped their price target for the stock from $191.00 to $200.00 in a report on Thursday, June 30th. Deutsche Bank Aktiengesellschaft upped their price target on Crown Castle from $183.00 to $185.00 in a report on Friday, July 22nd. Finally, Credit Suisse Group cut their price target on Crown Castle to $213.00 in a report on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $195.20.
Crown Castle Trading Down 1.3 %
Crown Castle (NYSE:CCI – Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The real estate investment trust reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.71 by ($0.74). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.71 billion. Crown Castle had a return on equity of 18.93% and a net margin of 22.91%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 earnings per share. As a group, analysts anticipate that Crown Castle Inc. will post 7.03 earnings per share for the current fiscal year.
Crown Castle Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a $1.47 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.64%. Crown Castle’s dividend payout ratio (DPR) is presently 165.17%.
Insider Activity at Crown Castle
In other news, Director Kevin A. Stephens bought 699 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The stock was purchased at an average cost of $173.60 per share, with a total value of $121,346.40. Following the transaction, the director now directly owns 10,703 shares in the company, valued at $1,858,040.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.47% of the company’s stock.
About Crown Castle
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 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.
- Get a free copy of the StockNews.com research report on Crown Castle (CCI)
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