Edgestream Partners L.P. Grows Position in Crown Castle Inc. $CCI

Key Points

• Edgestream Partners increased its Crown Castle stake by 18.9% in the first quarter, bringing its holdings to 95,809 shares valued at approximately $7.79 million. Institutional investors collectively own 90.77% of the company.
• Analysts maintain a generally positive outlook, with Crown Castle receiving a consensus “Moderate Buy” rating and an average price target of $95.13, despite several firms assigning neutral or hold ratings.
• Crown Castle shares opened at $79.11, near the lower end of their 52-week range, while the REIT’s quarterly dividend of $1.0625 per share represents a 5.4% yield and a $4.25 annualized payout.

Edgestream Partners L.P. raised its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 18.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 95,809 shares of the real estate investment trust's stock after purchasing an additional 15,236 shares during the period. Edgestream Partners L.P.'s holdings in Crown Castle were worth $7,790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Crown Castle by 9.9% during the fourth 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 purchasing an additional 60,497 shares in the last quarter. Cooke & Bieler LP increased its stake in shares of 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 in the last quarter. Skylands Capital LLC increased its stake in shares of Crown Castle by 6.2% in the fourth quarter. Skylands Capital LLC now owns 262,050 shares of the real estate investment trust's stock worth $23,288,000 after purchasing an additional 15,300 shares in the last quarter. Aberdeen Group plc raised its position in shares of Crown Castle by 13.9% during the 4th 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 period. Finally, Legal & General Group Plc raised its position in shares of Crown Castle by 7.2% during the 4th quarter. Legal & General Group Plc now owns 6,025,433 shares of the real estate investment trust's stock valued at $535,480,000 after purchasing an additional 403,943 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a report on Friday, June 26th. They issued a "neutral" rating and a $95.00 target price for the company. Citigroup restated a "market outperform" rating on shares of Crown Castle in a research report on Friday, July 24th. Barclays upped their price objective on Crown Castle from $91.00 to $92.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Scotiabank cut their target price on Crown Castle from $94.00 to $91.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 7th. Finally, Jefferies Financial Group cut their target price on Crown Castle from $88.00 to $82.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Crown Castle presently has an average rating of "Moderate Buy" and a consensus price target of $95.13.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $79.11 on Thursday. The firm has a market cap of $34.53 billion, a price-to-earnings ratio of 40.16, a P/E/G ratio of 0.40 and a beta of 0.95. The firm has a fifty day moving average price of $83.46 and a 200 day moving average price of $85.53. Crown Castle Inc. has a fifty-two week low of $73.52 and a fifty-two week high of $112.75.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Monday, June 15th. Crown Castle's dividend payout ratio is 215.74%.

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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