Duff & Phelps Investment Management Co. Buys 101,539 Shares of Crown Castle Inc. $CCI

Key Points

• Duff & Phelps increased its stake in Crown Castle by 9.3%, buying 101,539 shares to hold 1,194,047 shares (about 0.27% of the company) worth roughly $115.2 million, making CCI its 25th-largest holding and ~1.3% of the firm's portfolio.
• Crown Castle declared a quarterly dividend of $1.0625 per share (annualized $4.25) with an ex-dividend date of March 13 and a yield of 4.9%, though the payout ratio is an elevated 420.79%.
• Analysts have trimmed targets and ratings recently (HSBC, Goldman, Barclays cut targets), but the consensus remains a “Moderate Buy” with an average price target of $100.13.

Duff & Phelps Investment Management Co. boosted its stake in Crown Castle Inc. (NYSE:CCI - Free Report) by 9.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,194,047 shares of the real estate investment trust's stock after purchasing an additional 101,539 shares during the quarter. Crown Castle comprises approximately 1.3% of Duff & Phelps Investment Management Co.'s portfolio, making the stock its 25th biggest holding. Duff & Phelps Investment Management Co. owned approximately 0.27% of Crown Castle worth $115,214,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CCI. Winnow Wealth LLC bought a new position in shares of Crown Castle in the 2nd quarter worth $26,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Crown Castle during the 2nd quarter worth $27,000. LRI Investments LLC purchased a new position in Crown Castle in the third quarter worth $29,000. Cornerstone Planning Group LLC grew its position in Crown Castle by 269.9% in the third quarter. Cornerstone Planning Group LLC now owns 381 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 278 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Crown Castle in the third quarter worth $44,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Down 1.1%

Crown Castle stock opened at $87.55 on Thursday. The firm has a fifty day simple moving average of $87.31 and a two-hundred day simple moving average of $91.08. Crown Castle Inc. has a twelve month low of $77.01 and a twelve month high of $115.76. The company has a market capitalization of $38.18 billion, a PE ratio of 86.68, a P/E/G ratio of 0.45 and a beta of 0.96.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $1.0625 per share. The ex-dividend date is Friday, March 13th. This represents a $4.25 annualized dividend and a yield of 4.9%. Crown Castle's dividend payout ratio is currently 420.79%.

Insider Activity

In other Crown Castle news, EVP Edward B. Adams, Jr. sold 4,650 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares in the company, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the sale, the vice president directly owned 5,800 shares of the company's stock, valued at approximately $507,442. This trade represents a 34.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CCI shares. HSBC lowered their price target on Crown Castle from $107.00 to $88.40 and set a "hold" rating on the stock in a research report on Thursday, February 5th. Zacks Research upgraded Crown Castle from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. The Goldman Sachs Group decreased their price objective on Crown Castle from $105.00 to $95.00 and set a "neutral" rating on the stock in a report on Thursday, February 5th. Barclays dropped their target price on Crown Castle from $101.00 to $91.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 17th. Finally, New Street Research lowered Crown Castle from a "buy" rating to a "neutral" rating and set a $93.00 target price for the company. in a research note on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Crown Castle currently has an average rating of "Moderate Buy" and a consensus price target of $100.13.

Crown Castle Company Profile

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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