Envestnet Asset Management Inc. Sells 179,843 Shares of Crown Castle Inc. (NYSE:CCI)

Envestnet Asset Management Inc. reduced its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 10.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,536,793 shares of the real estate investment trust's stock after selling 179,843 shares during the quarter. Envestnet Asset Management Inc. owned about 0.35% of Crown Castle worth $139,479,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in Crown Castle during the fourth quarter valued at about $609,000. Aviva PLC boosted its position in shares of Crown Castle by 3.1% during the 4th quarter. Aviva PLC now owns 552,427 shares of the real estate investment trust's stock valued at $50,138,000 after purchasing an additional 16,705 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Crown Castle during the 4th quarter valued at about $6,437,000. Provident Investment Management Inc. raised its holdings in shares of Crown Castle by 3.5% in the 4th quarter. Provident Investment Management Inc. now owns 6,515 shares of the real estate investment trust's stock worth $591,000 after purchasing an additional 220 shares in the last quarter. Finally, Arete Wealth Advisors LLC raised its holdings in shares of Crown Castle by 7.9% in the 4th quarter. Arete Wealth Advisors LLC now owns 5,264 shares of the real estate investment trust's stock worth $477,000 after purchasing an additional 385 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Argus upgraded Crown Castle to a "hold" rating in a report on Friday, March 21st. KeyCorp raised Crown Castle from a "sector weight" rating to an "overweight" rating and set a $120.00 target price for the company in a report on Friday, March 14th. BMO Capital Markets reissued a "market perform" rating on shares of Crown Castle in a research note on Tuesday, March 25th. Finally, Barclays upped their price objective on shares of Crown Castle from $104.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $109.88.

Crown Castle Stock Up 1.6 %

NYSE CCI traded up $1.49 on Friday, reaching $96.65. The stock had a trading volume of 3,419,518 shares, compared to its average volume of 2,922,216. The company has a market capitalization of $42.09 billion, a price-to-earnings ratio of 34.27 and a beta of 0.93. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The business has a 50 day moving average price of $96.56 and a 200 day moving average price of $99.10.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.48%. Crown Castle's dividend payout ratio is currently -69.71%.

Crown Castle Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.