Allworth Financial LP Sells 53,631 Shares of Crown Castle Inc. (NYSE:CCI)

Allworth Financial LP lessened its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 88.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,777 shares of the real estate investment trust's stock after selling 53,631 shares during the quarter. Allworth Financial LP's holdings in Crown Castle were worth $683,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new position in shares of Crown Castle during the 1st quarter worth about $26,000. Twin Tree Management LP acquired a new position in shares of Crown Castle during the 4th quarter worth about $25,000. American National Bank & Trust acquired a new position in shares of Crown Castle during the 1st quarter worth about $29,000. Capital Advisors Ltd. LLC lifted its position in shares of Crown Castle by 62.1% during the 1st quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Crown Castle by 95.2% during the 1st quarter. Versant Capital Management Inc now owns 408 shares of the real estate investment trust's stock worth $43,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Insider Activity

In other news, VP Robert Sean Collins sold 3,600 shares of Crown Castle stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.72, for a total transaction of $384,192.00. Following the transaction, the vice president owned 6,465 shares in the company, valued at $689,944.80. The trade was a 35.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Edward B. Adams, Jr. sold 8,000 shares of Crown Castle stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.37, for a total value of $850,960.00. Following the completion of the sale, the executive vice president directly owned 20,528 shares in the company, valued at approximately $2,183,563.36. This represents a 28.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,600 shares of company stock valued at $3,362,752 in the last ninety days. 0.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on CCI. Scotiabank upped their price target on Crown Castle from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Tuesday, April 22nd. Royal Bank Of Canada upped their price target on Crown Castle from $107.00 to $112.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. Wall Street Zen cut Crown Castle from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Citigroup upped their price target on Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a report on Monday, May 5th. Finally, UBS Group upped their price target on Crown Castle from $118.00 to $124.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $113.06.

Crown Castle Price Performance

Shares of NYSE:CCI traded down $0.88 during midday trading on Tuesday, reaching $102.37. The company's stock had a trading volume of 224,212 shares, compared to its average volume of 2,926,136. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The company has a market capitalization of $44.58 billion, a P/E ratio of -9.49, a P/E/G ratio of 0.79 and a beta of 0.88. The business's fifty day simple moving average is $101.22 and its 200-day simple moving average is $97.47.

Crown Castle (NYSE:CCI - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Crown Castle had a negative net margin of 78.12% and a negative return on equity of 164.40%. The business's quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.72 earnings per share. On average, analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $1.0625 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.15%. Crown Castle's dividend payout ratio (DPR) is presently -39.50%.

Crown Castle Company 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.