Frank Rimerman Advisors LLC Has $873,000 Holdings in Crown Castle Inc. (NYSE:CCI)

Frank Rimerman Advisors LLC raised its stake in shares of Crown Castle Inc. (NYSE:CCI) by 55,756.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 8,937 shares of the real estate investment trust’s stock after purchasing an additional 8,921 shares during the period. Frank Rimerman Advisors LLC’s holdings in Crown Castle were worth $873,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Profund Advisors LLC grew its holdings in shares of Crown Castle by 2.9% in the second quarter. Profund Advisors LLC now owns 6,729 shares of the real estate investment trust’s stock valued at $657,000 after acquiring an additional 188 shares in the last quarter. Legacy Financial Advisors Inc. bought a new stake in Crown Castle during the second quarter worth $296,000. Summit Trail Advisors LLC boosted its position in Crown Castle by 16.7% in the second quarter. Summit Trail Advisors LLC now owns 4,916 shares of the real estate investment trust’s stock worth $480,000 after purchasing an additional 704 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Crown Castle by 17.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 982,165 shares of the real estate investment trust’s stock valued at $95,957,000 after purchasing an additional 147,386 shares during the period. Finally, Bridges Investment Management Inc. bought a new position in Crown Castle in the 2nd quarter valued at $1,227,000. 90.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. Bank of America upped their price objective on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Raymond James reissued an “outperform” rating and issued a $126.00 target price (up from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Finally, The Goldman Sachs Group initiated 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. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Crown Castle currently has an average rating of “Hold” and a consensus price target of $114.33.

Insider Activity at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by company insiders.

Crown Castle Price Performance

CCI stock opened at $116.85 on Tuesday. The firm has a market cap of $50.77 billion, a P/E ratio of 36.52 and a beta of 0.85. The firm’s fifty day moving average is $111.86 and its 200 day moving average is $104.03. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $120.92. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43.

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, beating analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the firm earned $2.05 earnings per share. The company’s revenue for the quarter was down 12.9% compared to the same quarter last year. Research analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Dividend Announcement

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

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.