Gabelli Funds LLC decreased its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 6.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,805 shares of the real estate investment trust's stock after selling 3,000 shares during the period. Gabelli Funds LLC's holdings in Crown Castle were worth $3,976,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Crown Castle in the 4th quarter worth about $561,714,000. Vanguard Group Inc. raised its stake in Crown Castle by 10.5% in the fourth quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust's stock valued at $5,672,451,000 after purchasing an additional 5,934,615 shares in the last quarter. Wellington Management Group LLP grew its position in Crown Castle by 18.9% during the fourth quarter. Wellington Management Group LLP now owns 20,849,846 shares of the real estate investment trust's stock valued at $1,892,332,000 after acquiring an additional 3,321,249 shares during the last quarter. National Bank of Canada FI grew its position in Crown Castle by 37.3% during the fourth quarter. National Bank of Canada FI now owns 5,793,842 shares of the real estate investment trust's stock valued at $525,849,000 after acquiring an additional 1,573,043 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Crown Castle in the fourth quarter worth approximately $95,167,000. Institutional investors own 90.77% of the company's stock.
Crown Castle Stock Performance
Shares of NYSE CCI traded down $3.34 during trading on Wednesday, reaching $101.03. 825,047 shares of the company traded hands, compared to its average volume of 3,370,091. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The stock has a market cap of $43.99 billion, a P/E ratio of 35.83 and a beta of 0.93. The firm's fifty day simple moving average is $98.26 and its 200 day simple moving average is $98.55.
Crown Castle Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle's dividend payout ratio (DPR) is presently -69.71%.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. BMO Capital Markets reiterated a "market perform" rating on shares of Crown Castle in a report on Tuesday, March 25th. Bank of America began coverage on Crown Castle in a research report on Thursday, March 20th. They issued a "neutral" rating and a $110.00 price target for the company. Barclays lifted their price target on Crown Castle from $104.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Royal Bank of Canada reduced their price target on shares of Crown Castle from $109.00 to $107.00 and set a "sector perform" rating for the company in a research note on Friday, April 11th. Finally, Wells Fargo & Company upgraded shares of Crown Castle from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $85.00 to $105.00 in a research report on Monday, March 17th. Twelve equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.47.
Check Out Our Latest Stock Report on CCI
Crown Castle Profile
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Free Report)
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.
Further Reading
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