King Luther Capital Management Corp Trims Stock Position in Crown Castle Inc. (NYSE:CCI)

King Luther Capital Management Corp trimmed its holdings in Crown Castle Inc. (NYSE:CCI) by 26.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,602 shares of the real estate investment trust’s stock after selling 2,004 shares during the period. King Luther Capital Management Corp’s holdings in Crown Castle were worth $547,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fisher Asset Management LLC raised its position in shares of Crown Castle by 16.2% in the 4th quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock worth $523,773,000 after buying an additional 632,398 shares during the period. BOKF NA raised its holdings in shares of Crown Castle by 25.6% in the 1st quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 815 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Crown Castle by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after purchasing an additional 8,136 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in shares of Crown Castle during the 1st quarter worth about $4,425,000. Finally, O Shaughnessy Asset Management LLC increased its position in Crown Castle by 30.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock worth $3,789,000 after purchasing an additional 8,346 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

CCI has been the topic of a number of research reports. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price on the stock. Raymond James restated an “outperform” rating and set a $126.00 price objective (up previously from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. BMO Capital Markets upped their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. TD Cowen raised their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada upped their price target on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $113.53.

Crown Castle Stock Up 0.1 %

CCI stock opened at $115.33 on Monday. The company has a 50 day moving average of $111.58 and a two-hundred day moving average of $104.00. The company has a market cap of $50.11 billion, a price-to-earnings ratio of 36.04 and a beta of 0.85. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the company earned $2.05 earnings per share. Crown Castle’s quarterly revenue was down 12.9% compared to the same quarter last year. On average, equities analysts anticipate that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $1.565 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.43%. Crown Castle’s dividend payout ratio is currently 195.63%.

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.