Maple Brown Abbott Ltd Has $130.99 Million Stake in Crown Castle Inc. (NYSE:CCI)

Key Points

• Maple Brown Abbott Ltd increased its stake in Crown Castle Inc. by 32.9%, acquiring a total of 1,256,622 shares, which now represents 8.9% of their portfolio.
• Crown Castle reported earnings of $1.02 per share for the last quarter, surpassing analyst expectations; however, their quarterly revenue was down 4.2% year-over-year.
• The company declared a quarterly dividend of $1.0625 per share, which reflects an annualized rate of $4.25 and a dividend yield of 4.2%.

Maple Brown Abbott Ltd lifted its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 32.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,256,622 shares of the real estate investment trust's stock after buying an additional 311,354 shares during the period. Crown Castle comprises about 8.9% of Maple Brown Abbott Ltd's holdings, making the stock its 4th largest position. Maple Brown Abbott Ltd owned approximately 0.29% of Crown Castle worth $130,988,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CCI. Federated Hermes Inc. lifted its holdings in Crown Castle by 210.3% during the fourth quarter. Federated Hermes Inc. now owns 5,961 shares of the real estate investment trust's stock worth $541,000 after acquiring an additional 4,040 shares during the period. Renaissance Technologies LLC bought a new stake in Crown Castle during the fourth quarter worth $2,442,000. Sagespring Wealth Partners LLC bought a new stake in Crown Castle during the fourth quarter worth $531,000. Belpointe Asset Management LLC lifted its holdings in Crown Castle by 0.8% during the fourth quarter. Belpointe Asset Management LLC now owns 20,767 shares of the real estate investment trust's stock worth $1,885,000 after acquiring an additional 174 shares during the period. Finally, XTX Topco Ltd bought a new stake in Crown Castle during the fourth quarter worth $424,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Performance

Crown Castle stock traded up $0.56 during midday trading on Friday, hitting $101.61. 2,849,875 shares of the company's stock were exchanged, compared to its average volume of 3,616,050. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $120.92. The stock has a 50-day moving average price of $103.56 and a two-hundred day moving average price of $100.18. The company has a market cap of $44.25 billion, a P/E ratio of -9.52, a PEG ratio of 0.77 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS 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 business 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 business earned $1.62 earnings per share. The firm's revenue was down 4.2% on a year-over-year basis. As a group, sell-side analysts expect that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio is presently -39.83%.

Wall Street Analyst Weigh In

CCI has been the topic of a number of recent analyst reports. KeyCorp lifted their price target on Crown Castle from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Barclays lifted 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. Raymond James Financial reiterated a "strong-buy" rating and set a $124.00 price target (up from $122.00) on shares of Crown Castle in a report on Thursday, July 24th. UBS Group boosted 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. Finally, Royal Bank Of Canada boosted their target price on Crown Castle from $112.00 to $113.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Crown Castle currently has an average rating of "Moderate Buy" and a consensus target price of $116.24.

Crown Castle Company Profile

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.