Resona Asset Management Co. Ltd. Takes $6.44 Million Position in Crown Castle Inc. (NYSE:CCI)

Resona Asset Management Co. Ltd. purchased a new position in Crown Castle Inc. (NYSE:CCI - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 70,961 shares of the real estate investment trust's stock, valued at approximately $6,437,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Provident Investment Management Inc. lifted its position in shares of Crown Castle by 3.5% during the fourth quarter. Provident Investment Management Inc. now owns 6,515 shares of the real estate investment trust's stock worth $591,000 after purchasing an additional 220 shares during the last quarter. Arete Wealth Advisors LLC lifted its holdings in Crown Castle by 7.9% during the 4th quarter. Arete Wealth Advisors LLC now owns 5,264 shares of the real estate investment trust's stock worth $477,000 after buying an additional 385 shares during the last quarter. Motley Fool Asset Management LLC lifted its holdings in Crown Castle by 12.8% during the 4th quarter. Motley Fool Asset Management LLC now owns 19,721 shares of the real estate investment trust's stock worth $1,790,000 after buying an additional 2,231 shares during the last quarter. Meeder Advisory Services Inc. grew its position in shares of Crown Castle by 23.5% in the 4th quarter. Meeder Advisory Services Inc. now owns 7,726 shares of the real estate investment trust's stock worth $701,000 after acquiring an additional 1,472 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Crown Castle by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 12,333,158 shares of the real estate investment trust's stock valued at $1,119,225,000 after acquiring an additional 228,007 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Price Performance

Shares of NYSE CCI traded up $1.49 during trading on Friday, hitting $96.65. The company had a trading volume of 3,419,518 shares, compared to its average volume of 2,922,216. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The business's 50-day moving average is $96.56 and its 200 day moving average is $99.10. The company has a market cap of $42.09 billion, a P/E ratio of 34.27 and a beta of 0.93. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54.

Crown Castle Dividend Announcement

The business 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 6.48%. The ex-dividend date was Friday, March 14th. Crown Castle's dividend payout ratio (DPR) is presently -69.71%.

Analyst Ratings Changes

Several research firms have recently commented on CCI. KeyCorp raised Crown Castle from a "sector weight" rating to an "overweight" rating and set a $120.00 target price for the company in a report on Friday, March 14th. Barclays lifted their price objective on shares of Crown Castle from $104.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. JPMorgan Chase & Co. reduced their price objective on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Royal Bank of Canada lowered their target price on shares of Crown Castle from $109.00 to $107.00 and set a "sector perform" rating on the stock in a research note on Friday. Finally, Scotiabank dropped their price target on shares of Crown Castle from $102.00 to $99.00 and set a "sector perform" rating on the stock in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $109.88.

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.