Crown Castle Inc. $CCI Position Lowered by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System cut its Crown Castle stake by 24.6% in the first quarter, selling 273,658 shares and leaving it with 837,246 shares valued at about $68.1 million.
• Crown Castle reported better-than-expected quarterly earnings of $1.02 per share versus the $0.47 consensus estimate, while revenue came in at $1.01 billion and fell 4.9% year over year.
• The company paid a quarterly dividend of $1.0625 per share, equal to an annualized yield of 5.4%, while analysts currently maintain a Moderate Buy consensus with an average price target of $98.52.

California Public Employees Retirement System trimmed its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 24.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 837,246 shares of the real estate investment trust's stock after selling 273,658 shares during the period. California Public Employees Retirement System owned 0.19% of Crown Castle worth $68,076,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CCI. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Crown Castle by 9.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 672,933 shares of the real estate investment trust's stock valued at $60,086,000 after acquiring an additional 60,497 shares in the last quarter. Cooke & Bieler LP boosted its holdings in Crown Castle by 21.2% in the fourth quarter. Cooke & Bieler LP now owns 2,930,797 shares of the real estate investment trust's stock worth $260,460,000 after purchasing an additional 511,763 shares during the period. Skylands Capital LLC increased its stake in Crown Castle by 6.2% during the fourth quarter. Skylands Capital LLC now owns 262,050 shares of the real estate investment trust's stock valued at $23,288,000 after purchasing an additional 15,300 shares during the last quarter. Aberdeen Group plc increased its stake in Crown Castle by 13.9% during the fourth quarter. Aberdeen Group plc now owns 1,052,667 shares of the real estate investment trust's stock valued at $93,551,000 after purchasing an additional 128,212 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Crown Castle by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 5,506,580 shares of the real estate investment trust's stock worth $489,370,000 after purchasing an additional 54,078 shares during the period. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Up 0.1%

CCI stock opened at $79.24 on Monday. Crown Castle Inc. has a fifty-two week low of $73.75 and a fifty-two week high of $115.76. The firm's 50-day simple moving average is $85.66 and its 200 day simple moving average is $86.16. The stock has a market cap of $34.59 billion, a PE ratio of 32.75, a price-to-earnings-growth ratio of 0.40 and a beta of 0.95.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.55. Crown Castle had a net margin of 25.13% and a negative return on equity of 64.64%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $995.41 million. During the same period in the previous year, the business posted $1.10 EPS. Crown Castle's revenue was down 4.9% on a year-over-year basis. Crown Castle has set its FY 2026 guidance at 4.380-4.490 EPS. Equities analysts forecast that Crown Castle Inc. will post 4.22 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $1.0625 per share. The ex-dividend date was Monday, June 15th. This represents a $4.25 annualized dividend and a dividend yield of 5.4%. Crown Castle's payout ratio is currently 175.62%.

Analyst Upgrades and Downgrades

CCI has been the topic of a number of recent research reports. Wolfe Research downgraded shares of Crown Castle from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, May 20th. The Goldman Sachs Group started coverage on shares of Crown Castle in a research note on Friday, June 26th. They set a "neutral" rating and a $95.00 price objective on the stock. Wall Street Zen upgraded Crown Castle from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Wells Fargo & Company reiterated an "equal weight" rating and set a $85.00 price target (down from $90.00) on shares of Crown Castle in a research report on Monday, March 23rd. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Crown Castle in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.52.

About Crown Castle

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.

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