Parallel Advisors LLC increased its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 3,827.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,965 shares of the real estate investment trust's stock after buying 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 large investors have also added to or reduced their stakes in CCI. GSA Capital Partners LLP bought a new stake in shares of Crown Castle during the 3rd quarter worth $522,000. CIBC Asset Management Inc boosted its holdings in shares of Crown Castle by 8.0% during the 3rd quarter. CIBC Asset Management Inc now owns 64,047 shares of the real estate investment trust's stock worth $7,598,000 after buying an additional 4,737 shares in the last quarter. Empowered Funds LLC grew its position in shares of Crown Castle by 13.5% during the 3rd quarter. Empowered Funds LLC now owns 12,842 shares of the real estate investment trust's stock worth $1,523,000 after buying an additional 1,531 shares during the period. Coastline Trust Co bought a new stake in shares of Crown Castle in the 3rd quarter valued at $107,000. Finally, Mizuho Securities USA LLC boosted its stake in Crown Castle by 275.2% during the third quarter. Mizuho Securities USA LLC now owns 125,717 shares of the real estate investment trust's stock worth $14,914,000 after acquiring an additional 92,211 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on CCI shares. Jefferies Financial Group lowered shares of Crown Castle from a "buy" rating to a "hold" rating and dropped their price objective for the company from $127.00 to $84.00 in a report on Thursday, January 2nd. Raymond James upgraded shares of Crown Castle from an "outperform" rating to a "strong-buy" rating and lowered their target price for the stock from $128.00 to $122.00 in a report on Friday, March 14th. JPMorgan Chase & Co. cut their price target on Crown Castle from $121.00 to $115.00 and set a "neutral" rating for the company in a research note on Monday. Citigroup upped their price target on Crown Castle from $106.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, JMP Securities assumed coverage on Crown Castle in a research report on Monday, January 27th. They issued an "outperform" rating and a $115.00 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $110.29.
Check Out Our Latest Research Report on CCI
Crown Castle Trading Down 0.8 %
Shares of Crown Castle stock traded down $0.82 during midday trading on Wednesday, reaching $104.13. 929,580 shares of the company's stock traded hands, compared to its average volume of 2,588,790. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a 50 day moving average of $91.64 and a 200-day moving average of $101.21. The company has a market cap of $45.25 billion, a PE ratio of 36.91 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 company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.01%. Crown Castle's dividend payout ratio (DPR) is -69.71%.
Crown Castle Company 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.
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