377,301 Crown Castle Inc. $CCI Shares Sold by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama cut its Crown Castle stake by 53.9%, selling 377,301 shares in the third quarter and retaining 322,201 shares valued at about $21.5 million.
• Crown Castle missed quarterly earnings and revenue expectations: EPS was $0.67 versus a $0.69 consensus, while revenue fell 7.2% year over year to $995 million.
• The company declared a quarterly dividend of $1.0625 per share, equivalent to a 4.8% yield at the reported share price. Analysts’ consensus rating was “Moderate Buy,” with a $94.27 average price target.

Retirement Systems of Alabama reduced its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 53.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 322,201 shares of the real estate investment trust's stock after selling 377,301 shares during the quarter. Retirement Systems of Alabama owned about 0.08% of Crown Castle worth $21,475,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Nykredit A S purchased a new position in shares of Crown Castle during the 2nd quarter valued at $13,219,000. Junto Capital Management LP bought a new position in shares of Crown Castle in the second quarter worth $68,627,000. Saudi Central Bank increased its holdings in shares of Crown Castle by 89.9% in the second quarter. Saudi Central Bank now owns 30,525 shares of the real estate investment trust's stock worth $2,312,000 after purchasing an additional 14,451 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Crown Castle in the second quarter worth $168,855,000. Finally, National Pension Service raised its position in shares of Crown Castle by 8.1% in the second quarter. National Pension Service now owns 674,624 shares of the real estate investment trust's stock worth $51,089,000 after buying an additional 50,772 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Price Performance

NYSE:CCI opened at $89.14 on Thursday. Crown Castle Inc. has a 1-year low of $65.32 and a 1-year high of $95.07. The business has a 50 day moving average of $77.88 and a 200 day moving average of $82.30. The company has a market capitalization of $37.93 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 0.78 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $995.00 million for the quarter, compared to analysts' expectations of $1.01 billion. Crown Castle had a negative return on equity of 42.11% and a net margin of 20.12%. The company's revenue was down 7.2% compared to the same quarter last year. During the same period last year, the business posted $1.12 earnings per share. As a group, sell-side analysts anticipate that Crown Castle Inc. will post 4.42 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $1.0625 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.8%. Crown Castle's dividend payout ratio (DPR) is currently 223.68%.

Insider Buying and Selling

In related news, VP Robert Collins sold 2,500 shares of Crown Castle stock in a transaction on Friday, November 6th. The shares were sold at an average price of $88.87, for a total value of $222,175.00. Following the transaction, the vice president owned 2,613 shares in the company, valued at $232,217.31. This trade represents a 48.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CCI has been the subject of several research analyst reports. BMO Capital Markets dropped their price objective on Crown Castle to $93.00 and set an "outperform" rating for the company in a research note on Monday, October 19th. Weiss Ratings upgraded Crown Castle from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, October 26th. Truist Financial decreased their target price on Crown Castle from $95.00 to $87.00 and set a "hold" rating on the stock in a research note on Tuesday, July 28th. Morgan Stanley set a $85.00 price target on Crown Castle in a report on Monday, September 21st. Finally, Barclays raised their price target on Crown Castle from $84.00 to $86.00 and gave the company an "overweight" rating in a report on Wednesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Crown Castle has a consensus rating of "Moderate Buy" and a consensus price target of $94.27.

Crown Castle Company Profile

Crown Castle Inc. NYSE: CCI owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity. The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.

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