Crown Castle Inc. (NYSE:CCI) Shares Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp increased its holdings in Crown Castle Inc. by 7.1%, now owning 48,000 shares worth approximately $5 million, following the acquisition of an additional 3,200 shares in the first quarter.
• Several institutional investors have made moves regarding Crown Castle's stock, with 90.77% of shares now owned by institutional investors and hedge funds.
• Crown Castle recently cut its quarterly dividend, with an annualized payout of $4.25 per share, representing a dividend yield of 4.0% and a negative dividend payout ratio of -39.83%.

Alberta Investment Management Corp raised its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,000 shares of the real estate investment trust's stock after acquiring an additional 3,200 shares during the quarter. Alberta Investment Management Corp's holdings in Crown Castle were worth $5,003,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in CCI. Opal Wealth Advisors LLC acquired a new position in shares of Crown Castle during the 1st quarter worth about $26,000. Iron Horse Wealth Management LLC acquired a new position in shares of Crown Castle during the 1st quarter worth about $26,000. 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 boosted 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 acquiring an additional 133 shares in the last quarter. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Crown Castle during the 4th quarter worth about $38,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCI has been the subject of several analyst reports. New Street Research raised Crown Castle from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 1st. BMO Capital Markets boosted their target price on Crown Castle from $108.00 to $115.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. Citigroup boosted their target price on Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a report on Monday, May 5th. Royal Bank Of Canada boosted their target price on Crown Castle from $107.00 to $112.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. boosted their target price on Crown Castle from $115.00 to $120.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $116.18.

Crown Castle Stock Up 1.7%

CCI opened at $106.89 on Friday. The business has a 50 day moving average price of $102.78 and a two-hundred day moving average price of $99.21. The company has a market cap of $46.55 billion, a PE ratio of -10.02, a P/E/G ratio of 0.80 and a beta of 0.89. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92.

Crown Castle (NYSE:CCI - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. The company's revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 EPS. As a group, sell-side analysts expect that Crown Castle Inc. will post 6.67 EPS for the current fiscal year.

Crown Castle Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, June 13th. Crown Castle's dividend payout ratio is -39.83%.

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.

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