GAMMA Investing LLC Acquires 1,705 Shares of Crown Castle Inc. (NYSE:CCI)

GAMMA Investing LLC grew its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 48.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,224 shares of the real estate investment trust’s stock after acquiring an additional 1,705 shares during the period. GAMMA Investing LLC’s holdings in Crown Castle were worth $620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Crown Castle by 1.2% during the first quarter. Vanguard Group Inc. now owns 56,609,569 shares of the real estate investment trust’s stock valued at $5,990,991,000 after purchasing an additional 673,243 shares during the period. Cohen & Steers Inc. increased its holdings in Crown Castle by 7.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock worth $1,310,559,000 after acquiring an additional 834,198 shares in the last quarter. Wellington Management Group LLP increased its holdings in Crown Castle by 11.1% in the 4th quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after acquiring an additional 1,126,394 shares in the last quarter. Legal & General Group Plc raised its stake in Crown Castle by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 6,177,250 shares of the real estate investment trust’s stock worth $603,518,000 after acquiring an additional 67,072 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock valued at $523,773,000 after purchasing an additional 632,398 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Crown Castle

In related 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 sale, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Bank of America raised their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. TD Cowen raised their price target on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price objective on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. The Goldman Sachs Group increased their target price on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Finally, Raymond James restated an “outperform” rating and issued a $126.00 price target (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Crown Castle presently has a consensus rating of “Hold” and a consensus target price of $115.40.

Crown Castle Stock Up 0.8 %

Shares of CCI opened at $112.10 on Wednesday. The stock has a market capitalization of $48.72 billion, a price-to-earnings ratio of 35.03 and a beta of 0.85. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $120.92. The business’s 50 day simple moving average is $113.89 and its 200-day simple moving average is $104.60. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last issued 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. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company’s revenue for the quarter was down 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 EPS. As a group, equities analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.58%. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

About Crown Castle

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.