Magellan Asset Management Ltd reduced its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,622,339 shares of the real estate investment trust's stock after selling 61,062 shares during the quarter. Crown Castle comprises approximately 1.6% of Magellan Asset Management Ltd's investment portfolio, making the stock its 29th biggest holding. Magellan Asset Management Ltd owned about 0.37% of Crown Castle worth $147,243,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Accurate Wealth Management LLC increased its position in Crown Castle by 5.4% during the 4th quarter. Accurate Wealth Management LLC now owns 2,429 shares of the real estate investment trust's stock valued at $205,000 after buying an additional 124 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Crown Castle by 12.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,137 shares of the real estate investment trust's stock valued at $103,000 after acquiring an additional 126 shares in the last quarter. IFP Advisors Inc raised its position in shares of Crown Castle by 5.9% in the 4th quarter. IFP Advisors Inc now owns 2,373 shares of the real estate investment trust's stock valued at $216,000 after purchasing an additional 133 shares during the last quarter. Howard Capital Management Inc. boosted its stake in Crown Castle by 1.2% in the 4th quarter. Howard Capital Management Inc. now owns 11,475 shares of the real estate investment trust's stock worth $1,041,000 after purchasing an additional 135 shares in the last quarter. Finally, Cidel Asset Management Inc. grew its position in Crown Castle by 6.4% during the 4th quarter. Cidel Asset Management Inc. now owns 2,285 shares of the real estate investment trust's stock worth $207,000 after purchasing an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on CCI. Raymond James upgraded shares of Crown Castle from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $128.00 to $122.00 in a research note on Friday, March 14th. Jefferies Financial Group lowered Crown Castle from a "buy" rating to a "hold" rating and cut their price objective for the company from $127.00 to $84.00 in a report on Thursday, January 2nd. Wells Fargo & Company upgraded Crown Castle from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $85.00 to $105.00 in a research note on Monday, March 17th. JMP Securities initiated coverage on shares of Crown Castle in a report on Monday, January 27th. They issued an "outperform" rating and a $115.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Eleven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Crown Castle currently has a consensus rating of "Moderate Buy" and a consensus target price of $110.00.
Read Our Latest Report on CCI
Crown Castle Price Performance
Shares of Crown Castle stock traded down $6.17 on Friday, reaching $100.89. The company's stock had a trading volume of 4,772,543 shares, compared to its average volume of 2,880,876. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The company has a market capitalization of $43.93 billion, a P/E ratio of 35.78 and a beta of 0.93. The stock has a 50-day moving average price of $95.67 and a 200-day moving average price of $100.11. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $120.92.
Crown Castle Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.20%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle's payout ratio is -69.71%.
Crown Castle Profile
(
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.
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