AMF Tjanstepension AB Reduces Stock Position in Crown Castle Inc. (NYSE:CCI)

Key Points

• AMF Tjanstepension AB reduced its stake in Crown Castle Inc. by 60.2% in the first quarter, leading to ownership of 112,576 shares worth approximately $11.77 million.
• Several analysts have raised their price targets for Crown Castle, with new targets ranging from $114.00 to $127.00, reflecting an overall "Moderate Buy" consensus.
• Crown Castle announced a quarterly dividend of $1.0625 per share, representing a yield of 4.0%, with the payment date set for September 30th.

AMF Tjanstepension AB reduced its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 60.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 112,576 shares of the real estate investment trust's stock after selling 169,991 shares during the quarter. AMF Tjanstepension AB's holdings in Crown Castle were worth $11,767,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Iron Horse Wealth Management LLC acquired a new stake in shares of Crown Castle in the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Crown Castle during the 1st quarter worth $26,000. American National Bank & Trust purchased a new position in Crown Castle during the 1st quarter worth $29,000. Capital Advisors Ltd. LLC increased its stake in Crown Castle by 62.1% in the first quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 133 shares during the period. Finally, TCTC Holdings LLC raised its holdings in shares of Crown Castle by 1,878.9% in the first quarter. TCTC Holdings LLC now owns 376 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 357 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Price Performance

Crown Castle stock traded down $1.63 during mid-day trading on Friday, hitting $104.58. 1,964,387 shares of the company were exchanged, compared to its average volume of 3,288,791. The business's 50 day simple moving average is $103.33 and its two-hundred day simple moving average is $99.83. The company has a market capitalization of $45.54 billion, a P/E ratio of -9.80, a PEG ratio of 0.79 and a beta of 0.89. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92.

Crown Castle (NYSE:CCI - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business posted $1.62 earnings per share. Crown Castle's revenue was down 4.2% compared to the same quarter last year. Equities research analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $1.0625 per share. The ex-dividend date is Monday, September 15th. This represents a $4.25 annualized dividend and a yield of 4.1%. Crown Castle's dividend payout ratio is -39.83%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barclays raised their price target on Crown Castle from $117.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. BMO Capital Markets lifted their target price on Crown Castle from $108.00 to $115.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. Wells Fargo & Company upgraded Crown Castle from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $105.00 to $125.00 in a research note on Thursday, July 24th. JPMorgan Chase & Co. lifted their target price on Crown Castle from $115.00 to $120.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Finally, UBS Group lifted their target price on Crown Castle from $124.00 to $127.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.24.

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.