Magellan Asset Management Ltd lessened its position in CROWN CASTLE IN/SH SH (NYSE:CCI) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,257,977 shares of the real estate investment trust’s stock after selling 405,599 shares during the quarter. CROWN CASTLE IN/SH SH makes up about 5.0% of Magellan Asset Management Ltd’s portfolio, making the stock its 11th biggest position. Magellan Asset Management Ltd’s holdings in CROWN CASTLE IN/SH SH were worth $1,569,021,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CCI. Vanguard Group Inc increased its position in shares of CROWN CASTLE IN/SH SH by 7.6% in the 3rd quarter. Vanguard Group Inc now owns 53,196,893 shares of the real estate investment trust’s stock valued at $5,922,410,000 after purchasing an additional 3,771,236 shares during the last quarter. Quantamental Technologies LLC purchased a new stake in shares of CROWN CASTLE IN/SH SH in the 4th quarter valued at approximately $42,000. Advisors Asset Management Inc. increased its position in shares of CROWN CASTLE IN/SH SH by 2.3% in the 4th quarter. Advisors Asset Management Inc. now owns 280,249 shares of the real estate investment trust’s stock valued at $30,443,000 after purchasing an additional 6,388 shares during the last quarter. ETF Managers Group LLC increased its position in shares of CROWN CASTLE IN/SH SH by 18.1% in the 4th quarter. ETF Managers Group LLC now owns 1,213 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 186 shares during the last quarter. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of CROWN CASTLE IN/SH SH in the 4th quarter valued at $26,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Robert Sean Collins sold 1,200 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $125.19, for a total value of $150,228.00. Following the completion of the sale, the vice president now owns 1,616 shares in the company, valued at approximately $202,307.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Landis Martin bought 18,350 shares of CROWN CASTLE IN/SH SH stock in a transaction dated Wednesday, April 24th. The stock was purchased at an average price of $123.13 per share, with a total value of $2,259,435.50. Following the purchase, the director now directly owns 120,717 shares in the company, valued at approximately $14,863,884.21. The disclosure for this purchase can be found here. 0.41% of the stock is owned by corporate insiders.
Several research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of CROWN CASTLE IN/SH SH from $120.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, March 11th. UBS Group cut shares of CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating and set a $130.00 target price for the company. in a report on Thursday, April 11th. Bank of America upped their target price on shares of CROWN CASTLE IN/SH SH from $119.00 to $133.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Guggenheim cut shares of CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating in a report on Friday, April 12th. They noted that the move was a valuation call. Finally, Macquarie cut shares of CROWN CASTLE IN/SH SH from an “outperform” rating to a “neutral” rating in a report on Tuesday, February 12th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $123.25.
NYSE:CCI traded down $0.85 during trading hours on Wednesday, reaching $135.05. 63,424 shares of the company’s stock were exchanged, compared to its average volume of 1,869,678. The stock has a market cap of $56.22 billion, a P/E ratio of 24.66, a P/E/G ratio of 1.56 and a beta of 0.34. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.76 and a quick ratio of 0.76. CROWN CASTLE IN/SH SH has a 1-year low of $99.99 and a 1-year high of $136.39.
CROWN CASTLE IN/SH SH (NYSE:CCI) last issued its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.37 by ($0.93). The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.39 billion. CROWN CASTLE IN/SH SH had a return on equity of 6.31% and a net margin of 13.82%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. Sell-side analysts expect that CROWN CASTLE IN/SH SH will post 5.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $1.125 per share. This represents a $4.50 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, June 13th. CROWN CASTLE IN/SH SH’s dividend payout ratio is currently 82.12%.
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CROWN CASTLE IN/SH SH Company Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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.
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