Exchange Traded Concepts LLC Makes New Investment in Crown Castle Inc. (NYSE:CCI)

Exchange Traded Concepts LLC acquired a new position in shares of Crown Castle Inc. (NYSE:CCI) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,011 shares of the real estate investment trust’s stock, valued at approximately $120,000.

Other hedge funds have also recently made changes to their positions in the company. BOKF NA grew its position in Crown Castle by 25.6% in the 1st quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 815 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Crown Castle by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after acquiring an additional 8,136 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of Crown Castle in the first quarter worth $4,425,000. O Shaughnessy Asset Management LLC increased its stake in Crown Castle by 30.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock worth $3,789,000 after acquiring an additional 8,346 shares during the last quarter. Finally, Norden Group LLC purchased a new stake in Crown Castle in the first quarter valued at approximately $1,804,000. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CCI shares. Royal Bank of Canada upped their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Bank of America raised their price target on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. TD Cowen reduced their target price on Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft increased 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. Finally, UBS Group upped their price target on shares of Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Crown Castle presently has an average rating of “Hold” and an average price target of $116.47.

Crown Castle Price Performance

Crown Castle stock opened at $109.77 on Wednesday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.43 and a current ratio of 0.54. The stock has a market capitalization of $47.70 billion, a P/E ratio of 38.93 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 company’s fifty day moving average price is $114.01 and its 200 day moving average price is $105.26.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the company earned $1.77 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. As a group, equities research analysts anticipate that Crown Castle Inc. will post 6.65 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.70%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is currently 221.99%.

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.