Crown Castle Inc. (NYSE:CCI) Shares Acquired by OLD National Bancorp IN

OLD National Bancorp IN lifted its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,252 shares of the real estate investment trust's stock after acquiring an additional 4,111 shares during the quarter. OLD National Bancorp IN's holdings in Crown Castle were worth $10,762,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Twin Tree Management LP acquired a new position in shares of Crown Castle during the fourth quarter worth about $25,000. American National Bank & Trust acquired a new stake in shares of Crown Castle in the 1st quarter worth approximately $29,000. Roxbury Financial LLC acquired a new stake in shares of Crown Castle in the 4th quarter worth approximately $37,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Crown Castle in the fourth quarter valued at about $38,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Crown Castle by 95.2% in the first quarter. Versant Capital Management Inc now owns 408 shares of the real estate investment trust's stock valued at $43,000 after purchasing an additional 199 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on CCI shares. Royal Bank of Canada upped their price target on shares of Crown Castle from $107.00 to $112.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. JMP Securities upped their price target on shares of Crown Castle from $115.00 to $125.00 and gave the company a "market outperform" rating in a report on Thursday, May 1st. New Street Research raised shares of Crown Castle from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price target on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Finally, UBS Group raised shares of Crown Castle from a "neutral" rating to a "buy" rating and set a $118.00 price objective on the stock in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, ten have issued 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, Crown Castle presently has an average rating of "Moderate Buy" and a consensus target price of $112.71.

Crown Castle Stock Down 1.3%

Shares of Crown Castle stock opened at $98.97 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The business has a 50-day moving average price of $101.17 and a 200 day moving average price of $97.09. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The firm has a market cap of $43.10 billion, a P/E ratio of 35.09 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm posted $1.72 earnings per share. Crown Castle's revenue was down 4.8% compared to the same quarter last year. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Friday, June 13th. Crown Castle's dividend payout ratio is presently -39.50%.

Insider Transactions at Crown Castle

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

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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