Parallel Advisors LLC Boosts Stake in Crown Castle Inc. (NYSE:CCI)

Parallel Advisors LLC grew its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 3,827.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 183,965 shares of the real estate investment trust's stock after purchasing an additional 179,281 shares during the quarter. Parallel Advisors LLC's holdings in Crown Castle were worth $16,697,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp boosted its position in Crown Castle by 3.7% during the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust's stock worth $2,476,470,000 after purchasing an additional 747,390 shares during the period. Wellington Management Group LLP boosted its position in Crown Castle by 23.8% during the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust's stock worth $2,079,417,000 after purchasing an additional 3,371,186 shares during the period. Geode Capital Management LLC boosted its position in Crown Castle by 1.3% during the third quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust's stock worth $1,434,229,000 after purchasing an additional 151,990 shares during the period. Fisher Asset Management LLC boosted its position in Crown Castle by 2.6% during the fourth quarter. Fisher Asset Management LLC now owns 5,218,431 shares of the real estate investment trust's stock worth $473,625,000 after purchasing an additional 130,414 shares during the period. Finally, Barclays PLC boosted its position in shares of Crown Castle by 7.2% in the third quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust's stock valued at $613,900,000 after acquiring an additional 348,296 shares during the period. Institutional investors own 90.77% of the company's stock.

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Crown Castle Stock Performance

Shares of NYSE:CCI traded up $1.99 during trading on Tuesday, hitting $104.90. The stock had a trading volume of 5,312,328 shares, compared to its average volume of 3,080,569. The stock has a 50-day simple moving average of $91.29 and a two-hundred day simple moving average of $101.26. 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 stock has a market capitalization of $45.59 billion, a price-to-earnings ratio of 37.20 and a beta of 0.89. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.97%. The ex-dividend date of this dividend is Friday, March 14th. Crown Castle's dividend payout ratio (DPR) is presently -69.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CCI. Barclays lifted their target price on shares of Crown Castle from $104.00 to $113.00 and gave the stock an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. cut their price target on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft cut their price target on shares of Crown Castle from $116.00 to $96.00 and set a "hold" rating on the stock in a report on Thursday, January 23rd. Wolfe Research upgraded shares of Crown Castle from an "underperform" rating to a "peer perform" rating in a report on Monday. Finally, UBS Group raised Crown Castle from a "neutral" rating to a "buy" rating and set a $118.00 price target for the company in a research report on Friday. Eleven investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $110.29.

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.