1832 Asset Management L.P. Has $22.89 Million Stock Holdings in Crown Castle Inc. (NYSE:CCI)

1832 Asset Management L.P. decreased its position in Crown Castle Inc. (NYSE:CCI) by 71.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 234,249 shares of the real estate investment trust’s stock after selling 584,562 shares during the period. 1832 Asset Management L.P. owned approximately 0.05% of Crown Castle worth $22,886,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ables Iannone Moore & Associates Inc. bought a new position in shares of Crown Castle during the 4th quarter valued at about $25,000. EntryPoint Capital LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $27,000. Richardson Financial Services Inc. bought a new stake in shares of Crown Castle during the fourth quarter worth $30,000. Asset Dedication LLC raised its holdings in shares of Crown Castle by 159.0% during the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 167 shares during the period. Finally, Beacon Capital Management LLC lifted its position in Crown Castle by 163.9% in the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 177 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

Shares of CCI opened at $116.85 on Tuesday. The firm has a market capitalization of $50.77 billion, a PE ratio of 36.52 and a beta of 0.85. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The company’s 50-day moving average is $111.86 and its 200-day moving average is $104.03. Crown Castle Inc. has a fifty-two week low of $84.72 and a fifty-two week high of $120.92.

Crown Castle (NYSE:CCI) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm earned $2.05 EPS. The business’s revenue was down 12.9% on a year-over-year basis. Equities analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.36%. Crown Castle’s payout ratio is currently 195.63%.

Insider Activity at Crown Castle

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 transaction, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CCI has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price on the stock. Royal Bank of Canada raised their price target on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. BMO Capital Markets boosted their price objective on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Finally, TD Cowen increased their target price on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Crown Castle presently has an average rating of “Hold” and a consensus price target of $114.33.

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.