Envestnet Asset Management Inc. Has $111.29 Million Stock Position in Crown Castle Inc. (NYSE:CCI)

Envestnet Asset Management Inc. trimmed its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 30.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,067,769 shares of the real estate investment trust's stock after selling 469,024 shares during the period. Envestnet Asset Management Inc. owned approximately 0.25% of Crown Castle worth $111,294,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC increased its stake in Crown Castle by 8.4% during the first quarter. Penserra Capital Management LLC now owns 15,375 shares of the real estate investment trust's stock valued at $1,601,000 after acquiring an additional 1,192 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in Crown Castle during the first quarter valued at about $343,000. Compass Wealth Management LLC increased its stake in Crown Castle by 13.5% during the first quarter. Compass Wealth Management LLC now owns 57,962 shares of the real estate investment trust's stock valued at $6,041,000 after acquiring an additional 6,897 shares during the period. Wayfinding Financial LLC bought a new position in Crown Castle during the first quarter valued at about $101,000. Finally, Impax Asset Management Group plc increased its stake in Crown Castle by 3.6% during the first quarter. Impax Asset Management Group plc now owns 7,365 shares of the real estate investment trust's stock valued at $768,000 after acquiring an additional 253 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Stock Performance

CCI traded down $1.28 during mid-day trading on Friday, reaching $102.69. The stock had a trading volume of 1,804,492 shares, compared to its average volume of 2,934,106. The stock has a market capitalization of $44.72 billion, a P/E ratio of -9.54, a P/E/G ratio of 0.80 and a beta of 0.88. The firm's fifty day simple moving average is $101.30 and its two-hundred day simple moving average is $97.30. 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 announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $1.10 EPS for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Crown Castle had a negative net margin of 78.12% and a negative return on equity of 164.40%. The firm's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.72 earnings per share. As a group, analysts expect that Crown Castle Inc. will post 6.67 EPS for the current fiscal year.

Crown Castle Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $1.0625 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $4.25 dividend on an annualized basis and a yield of 4.14%. Crown Castle's payout ratio is -39.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CCI shares. Raymond James Financial upgraded Crown Castle from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the company from $128.00 to $122.00 in a research note on Friday, March 14th. Bank of America started coverage on Crown Castle in a research note on Monday, May 19th. They issued a "buy" rating and a $115.00 price objective on the stock. Argus upgraded Crown Castle to a "hold" rating in a research note on Friday, March 21st. New Street Research upgraded Crown Castle from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 1st. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Crown Castle in a research note on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $113.06.

Insider Activity

In other news, EVP Edward B. Adams, Jr. sold 8,000 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.37, for a total value of $850,960.00. Following the transaction, the executive vice president owned 20,528 shares of the company's stock, valued at $2,183,563.36. This represents a 28.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Robert Sean Collins sold 3,600 shares of the stock in a transaction on 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 directly owned 6,465 shares in the company, valued at approximately $689,944.80. This trade represents a 35.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,600 shares of company stock valued at $3,362,752 in the last 90 days. 0.10% of the stock is owned by company 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.