Bank of New York Mellon Corp purchased a new stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,229,695 shares of the real estate investment trust's stock, valued at approximately $168,855,000. Bank of New York Mellon Corp owned approximately 0.51% of Crown Castle as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Crown Castle by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust's stock valued at $6,200,406,000 after buying an additional 386,733 shares during the period. Cohen & Steers Inc. grew its holdings in Crown Castle by 11.0% during the 4th quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust's stock valued at $3,536,214,000 after purchasing an additional 3,953,685 shares during the last quarter. State Street Corp raised its position in Crown Castle by 2.4% in the 4th quarter. State Street Corp now owns 22,239,559 shares of the real estate investment trust's stock worth $1,976,430,000 after purchasing an additional 511,018 shares during the period. Wellington Management Group LLP lifted its stake in Crown Castle by 2.8% in the fourth quarter. Wellington Management Group LLP now owns 13,986,852 shares of the real estate investment trust's stock worth $1,243,012,000 after purchasing an additional 380,419 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its position in shares of Crown Castle by 15.7% during the first quarter. Lazard Asset Management LLC now owns 13,463,182 shares of the real estate investment trust's stock valued at $1,094,691,000 after buying an additional 1,828,065 shares during the period. 90.77% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Crown Castle
In related news, VP Robert Sean Collins sold 1,500 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares in the company, valued at $388,025.57. The trade was a 22.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on CCI shares. Truist Financial cut 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. TD Cowen decreased their price target on Crown Castle from $94.00 to $92.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Citizens Jmp cut their price objective on Crown Castle from $125.00 to $120.00 and set a "market outperform" rating on the stock in a research report on Friday, July 24th. Citigroup reiterated a "market outperform" rating on shares of Crown Castle in a research note on Friday, July 24th. Finally, Wall Street Zen upgraded Crown Castle from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $95.13.
Check Out Our Latest Report on Crown Castle
Crown Castle Price Performance
CCI opened at $75.53 on Monday. The business's 50-day moving average is $77.86 and its two-hundred day moving average is $84.10. Crown Castle Inc. has a 1 year low of $69.72 and a 1 year high of $104.61. The firm has a market capitalization of $32.13 billion, a PE ratio of 38.34, a price-to-earnings-growth ratio of 0.40 and a beta of 0.95.
Crown Castle (NYSE:CCI - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.17). The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $995.05 million. Crown Castle had a net margin of 20.71% and a negative return on equity of 51.60%. The business's quarterly revenue was down 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 earnings per share. Crown Castle has set its FY 2026 guidance at 4.530-4.650 EPS. As a group, sell-side analysts expect that Crown Castle Inc. will post 4.39 EPS for the current year.
Crown Castle Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 5.6%. Crown Castle's dividend payout ratio (DPR) is presently 215.74%.
About Crown Castle
(
Free Report)
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.
See Also
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