Hollencrest Capital Management Lowers Holdings in Crown Castle Inc. (NYSE:CCI)

Hollencrest Capital Management lessened its holdings in Crown Castle Inc. (NYSE:CCI) by 50.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,200 shares of the real estate investment trust’s stock after selling 4,200 shares during the period. Hollencrest Capital Management’s holdings in Crown Castle were worth $410,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CCI. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Crown Castle during the 4th quarter worth approximately $25,000. EntryPoint Capital LLC purchased a new position in shares of Crown Castle in the first quarter valued at approximately $27,000. Asset Dedication LLC grew its holdings in shares of Crown Castle by 159.0% in the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 167 shares in the last quarter. Richardson Financial Services Inc. purchased a new position in Crown Castle in the 4th quarter valued at approximately $30,000. Finally, Beacon Capital Management LLC grew its stake in Crown Castle by 163.9% during the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 177 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Performance

NYSE CCI opened at $115.17 on Friday. The firm has a market cap of $50.05 billion, a P/E ratio of 35.99 and a beta of 0.85. Crown Castle Inc. has a 52-week low of $84.72 and a 52-week high of $120.92. The business’s 50-day moving average price is $111.35 and its 200 day moving average price is $104.09. 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 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 return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the business posted $2.05 EPS. The company’s revenue was down 12.9% on a year-over-year basis. On average, equities research analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $1.565 per share. 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 5.44%. Crown Castle’s payout ratio is currently 195.63%.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CCI. TD Cowen boosted their price objective on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Royal Bank of Canada boosted their price target on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. BMO Capital Markets lifted 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, The Goldman Sachs Group started coverage on Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Crown Castle currently has a consensus rating of “Hold” and a consensus target price of $113.53.

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.