OLD National Bancorp IN Increases Holdings in Crown Castle Inc. (NYSE:CCI)

OLD National Bancorp IN raised its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 6.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 96,842 shares of the real estate investment trust's stock after purchasing an additional 5,724 shares during the quarter. OLD National Bancorp IN's holdings in Crown Castle were worth $11,488,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CCI. Los Angeles Capital Management LLC boosted its position in shares of Crown Castle by 594.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 15,699 shares of the real estate investment trust's stock valued at $1,661,000 after purchasing an additional 13,439 shares in the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Crown Castle by 1.2% during the 1st quarter. Gulf International Bank UK Ltd now owns 36,026 shares of the real estate investment trust's stock worth $3,812,000 after buying an additional 440 shares in the last quarter. &PARTNERS grew its position in shares of Crown Castle by 73.6% during the 1st quarter. &PARTNERS now owns 4,981 shares of the real estate investment trust's stock worth $527,000 after buying an additional 2,112 shares during the period. International Assets Investment Management LLC increased its stake in shares of Crown Castle by 13.4% in the 1st quarter. International Assets Investment Management LLC now owns 6,926 shares of the real estate investment trust's stock valued at $722,000 after acquiring an additional 821 shares in the last quarter. Finally, True North Advisors LLC acquired a new position in shares of Crown Castle during the 1st quarter valued at $314,000. Institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CCI. JPMorgan Chase & Co. raised their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a "neutral" rating in a report on Monday, September 23rd. Wells Fargo & Company raised their target price on Crown Castle from $100.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday. Jefferies Financial Group upped their price target on Crown Castle from $123.00 to $127.00 and gave the stock a "buy" rating in a research note on Thursday. TD Cowen reduced their price objective on Crown Castle from $127.00 to $123.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Crown Castle from $103.00 to $105.00 and gave the company a "hold" rating in a report on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Crown Castle presently has a consensus rating of "Hold" and a consensus price target of $116.47.

Crown Castle Stock Up 0.6 %

Crown Castle stock traded up $0.63 during midday trading on Friday, hitting $112.38. 2,336,240 shares of the stock were exchanged, compared to its average volume of 2,611,002. Crown Castle Inc. has a 52-week low of $84.72 and a 52-week high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The business's 50-day moving average price is $114.03 and its 200-day moving average price is $105.14. The stock has a market capitalization of $48.84 billion, a price-to-earnings ratio of 39.85 and a beta of 0.85.

Crown Castle (NYSE:CCI - Get Free Report) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts' consensus estimates of $1.73 by ($1.03). The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.64 billion. Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. Crown Castle's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 EPS. On average, research analysts expect that Crown Castle Inc. will post 6.65 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle's payout ratio is 221.99%.

Insider Buying and Selling

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the transaction, the chief operating officer now directly owns 75,127 shares of the company's stock, valued at approximately $7,792,172.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is owned by insiders.

Crown Castle Company 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.