Crown Castle (NYSE:CCI) Price Target Cut to $119.00 by Analysts at Barclays

Key Points

• Barclays has lowered its price target for Crown Castle (NYSE:CCI) from $121.00 to $119.00, maintaining an "overweight" rating, indicating a potential upside of 17.69% from the last closing price.
• The stock is currently trading at $101.11, marking a 0.6% decline, with analysts forecasting an earnings per share (EPS) of 6.67 for the current fiscal year.
• Institutional investors hold the majority of shares, with hedge funds recently increasing their stakes in Crown Castle, reflecting strong institutional interest in the REIT.

Crown Castle (NYSE:CCI - Get Free Report) had its price objective cut by investment analysts at Barclays from $121.00 to $119.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Barclays's price objective points to a potential upside of 17.69% from the stock's previous close.

A number of other brokerages also recently weighed in on CCI. Royal Bank Of Canada increased their price target on Crown Castle from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. BMO Capital Markets boosted their price target on shares of Crown Castle from $108.00 to $115.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $124.00 target price (up from $122.00) on shares of Crown Castle in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Crown Castle from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, New Street Research raised shares of Crown Castle from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 1st. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $116.12.

Crown Castle Stock Down 0.6%

CCI traded down $0.58 during trading on Monday, reaching $101.11. The stock had a trading volume of 51,495 shares, compared to its average volume of 3,224,325. The firm has a market capitalization of $44.03 billion, a price-to-earnings ratio of -9.48, a price-to-earnings-growth ratio of 0.77 and a beta of 0.89. Crown Castle has a 1-year low of $84.20 and a 1-year high of $120.92. The stock has a 50 day moving average of $103.56 and a two-hundred day moving average of $100.35.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.02. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company earned $1.62 earnings per share. The business's revenue was down 4.2% compared to the same quarter last year. On average, research analysts forecast that Crown Castle will post 6.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in Crown Castle during the fourth quarter worth $2,442,000. XTX Topco Ltd acquired a new stake in shares of Crown Castle in the 4th quarter worth $424,000. Marshall Wace LLP increased its position in Crown Castle by 5,149.8% during the fourth quarter. Marshall Wace LLP now owns 115,495 shares of the real estate investment trust's stock worth $10,482,000 after purchasing an additional 113,295 shares during the last quarter. First Trust Advisors LP increased its position in Crown Castle by 44.8% during the fourth quarter. First Trust Advisors LP now owns 164,322 shares of the real estate investment trust's stock worth $14,914,000 after purchasing an additional 50,874 shares during the last quarter. Finally, Norinchukin Bank The increased its position in shares of Crown Castle by 10.6% during the fourth quarter. Norinchukin Bank The now owns 20,076 shares of the real estate investment trust's stock valued at $1,822,000 after acquiring an additional 1,922 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

About Crown Castle

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.

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