Crown Castle (NYSE:CCI) Given New $87.00 Price Target at Truist Financial

Key Points

• Truist Financial lowered Crown Castle’s price target to $87 from $95 while maintaining a “hold” rating, implying 17.32% potential upside from the prior close.
• Analyst sentiment remains mixed but generally positive: Crown Castle has a consensus “Moderate Buy” rating and an average price target of $95.76, despite several recent target reductions.
• Crown Castle shares opened at $74.16, near their 52-week low of $73.52, while institutional investors and hedge funds own approximately 90.77% of the stock.

Crown Castle (NYSE:CCI - Get Free Report) had its price target reduced by equities research analysts at Truist Financial from $95.00 to $87.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the real estate investment trust's stock. Truist Financial's price objective would indicate a potential upside of 17.32% from the company's previous close.

Several other research analysts have also weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Crown Castle from $95.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, July 23rd. Royal Bank Of Canada cut their price objective on Crown Castle from $92.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. Wolfe Research cut shares of Crown Castle from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, May 20th. Scotiabank reduced their price target on Crown Castle from $94.00 to $91.00 and set a "sector perform" rating for the company in a report on Tuesday, April 7th. Finally, KeyCorp increased their price objective on shares of Crown Castle from $98.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Crown Castle presently has an average rating of "Moderate Buy" and a consensus price target of $95.76.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $74.16 on Tuesday. Crown Castle has a 1 year low of $73.52 and a 1 year high of $112.75. The firm has a market cap of $32.37 billion, a P/E ratio of 37.64, a price-to-earnings-growth ratio of 0.40 and a beta of 0.95. The firm's 50 day moving average price is $84.07 and its 200 day moving average price is $85.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CCI. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Crown Castle by 9.9% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 672,933 shares of the real estate investment trust's stock valued at $60,086,000 after purchasing an additional 60,497 shares during the period. Cooke & Bieler LP increased its holdings in Crown Castle by 21.2% in the fourth quarter. Cooke & Bieler LP now owns 2,930,797 shares of the real estate investment trust's stock worth $260,460,000 after buying an additional 511,763 shares during the last quarter. Skylands Capital LLC increased its stake in shares of Crown Castle by 6.2% during the 4th quarter. Skylands Capital LLC now owns 262,050 shares of the real estate investment trust's stock worth $23,288,000 after purchasing an additional 15,300 shares during the last quarter. Aberdeen Group plc boosted its holdings in Crown Castle by 13.9% in the fourth quarter. Aberdeen Group plc now owns 1,052,667 shares of the real estate investment trust's stock worth $93,551,000 after purchasing an additional 128,212 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Crown Castle by 7.2% in the 4th quarter. Legal & General Group Plc now owns 6,025,433 shares of the real estate investment trust's stock valued at $535,480,000 after acquiring an additional 403,943 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company's assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.

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