Mackenzie Financial Corp Sells 4,013 Shares of Crown Castle Inc. (NYSE:CCI)

Mackenzie Financial Corp lessened its stake in shares of Crown Castle Inc. (NYSE:CCI) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,874 shares of the real estate investment trust’s stock after selling 4,013 shares during the quarter. Mackenzie Financial Corp’s holdings in Crown Castle were worth $3,505,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. J. W. Coons Advisors LLC acquired a new position in shares of Crown Castle during the 4th quarter worth about $208,000. KBC Group NV lifted its position in shares of Crown Castle by 59.9% during the 4th quarter. KBC Group NV now owns 115,761 shares of the real estate investment trust’s stock worth $13,335,000 after purchasing an additional 43,385 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Crown Castle during the 4th quarter worth about $246,000. NEOS Investment Management LLC lifted its position in shares of Crown Castle by 37.4% during the 4th quarter. NEOS Investment Management LLC now owns 6,142 shares of the real estate investment trust’s stock worth $707,000 after purchasing an additional 1,671 shares during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of Crown Castle by 20.1% during the 4th quarter. Rafferty Asset Management LLC now owns 58,210 shares of the real estate investment trust’s stock worth $6,705,000 after purchasing an additional 9,762 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Up 0.4 %

Shares of CCI opened at $119.13 on Wednesday. The firm has a market capitalization of $51.77 billion, a price-to-earnings ratio of 37.23 and a beta of 0.85. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. The business’s fifty day moving average price is $113.37 and its two-hundred day moving average price is $104.35. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $120.92.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 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 analyst estimates of $1.62 billion. During the same period last year, the company earned $2.05 EPS. The business’s quarterly revenue was down 12.9% compared to the same quarter last year. On average, analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $1.565 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.25%. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BMO Capital Markets boosted their price objective 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. Deutsche Bank Aktiengesellschaft boosted their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Bank of America upped their price target on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. TD Cowen upped 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. Finally, Raymond James reaffirmed an “outperform” rating and issued a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $115.40.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.39% of the stock is owned by insiders.

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.