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Crown Castle Inc. (NYSE:CCI) Shares Sold by Cerity Partners LLC

Crown Castle logo with Finance background

Cerity Partners LLC cut its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 4.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,555 shares of the real estate investment trust's stock after selling 2,630 shares during the quarter. Cerity Partners LLC's holdings in Crown Castle were worth $6,207,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CCI. Twin Tree Management LP bought a new stake in shares of Crown Castle in the 4th quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in Crown Castle during the 1st quarter worth approximately $26,000. American National Bank & Trust bought a new stake in shares of Crown Castle during the first quarter valued at approximately $29,000. Capital Advisors Ltd. LLC boosted its position in shares of Crown Castle by 62.1% during the first quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 133 shares during the last quarter. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Crown Castle during the fourth quarter valued at about $38,000. Institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CCI shares. KeyCorp upped their target price on shares of Crown Castle from $120.00 to $122.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. BMO Capital Markets reaffirmed a "market perform" rating on shares of Crown Castle in a research report on Tuesday, March 25th. Bank of America started coverage on Crown Castle in a research report on Monday, May 19th. They set a "buy" rating and a $115.00 target price for the company. New Street Research raised shares of Crown Castle from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 1st. Finally, UBS Group raised their price objective on Crown Castle from $118.00 to $124.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $113.06.

Check Out Our Latest Report on Crown Castle

Insiders Place Their Bets

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

Crown Castle Stock Up 0.3%

NYSE:CCI traded up $0.32 on Thursday, hitting $104.11. The stock had a trading volume of 1,089,751 shares, compared to its average volume of 2,925,616. The company has a fifty day moving average price of $101.11 and a two-hundred day moving average price of $97.55. The stock has a market cap of $45.34 billion, a price-to-earnings ratio of -9.67, a PEG ratio of 0.79 and a beta of 0.88. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $120.92.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). Crown Castle had a negative net margin of 78.12% and a negative return on equity of 164.40%. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same period in the previous year, the firm earned $1.72 EPS. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $1.0625 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $4.25 annualized dividend and a yield of 4.08%. Crown Castle's payout ratio is -39.50%.

About Crown Castle

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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