Forsta AP Fonden Sells 44,100 Shares of Crown Castle Inc. (NYSE:CCI)

Key Points

• Forsta AP Fonden sold 44,100 shares of Crown Castle Inc., reducing its position by 29.7%, resulting in 104,300 shares worth approximately $10.87 million as of the last reporting period.
• Several analysts have raised their price targets for Crown Castle, with a consensus target price of $116.24, indicating a Moderate Buy rating based on ten hold ratings, eight buy ratings, and three strong buy ratings.
• Crown Castle declared a quarterly dividend of $1.0625 per share, which will be paid on September 30th, with a current annualized dividend yield of 4.1%.

Forsta AP Fonden lowered its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 29.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 104,300 shares of the real estate investment trust's stock after selling 44,100 shares during the period. Forsta AP Fonden's holdings in Crown Castle were worth $10,871,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CCI. Opal Wealth Advisors LLC purchased a new position in shares of Crown Castle in the first quarter worth about $26,000. Iron Horse Wealth Management LLC purchased a new position in shares of Crown Castle in the first quarter worth about $26,000. American National Bank & Trust purchased a new position in shares of Crown Castle in the first quarter worth about $29,000. Capital Advisors Ltd. LLC increased its holdings in shares of Crown Castle by 62.1% in the first quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock worth $36,000 after buying an additional 133 shares during the period. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Crown Castle in the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Scotiabank lifted their price objective on Crown Castle from $109.00 to $114.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. KeyCorp boosted their price target on Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Royal Bank Of Canada boosted their price target on Crown Castle from $112.00 to $113.00 and gave the company a "sector perform" rating in a report on Thursday. New Street Research upgraded Crown Castle from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 1st. Finally, Bank of America assumed coverage on Crown Castle in a report on Monday, May 19th. They set a "buy" rating and a $115.00 price target on the stock. Ten analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.24.

Crown Castle Stock Down 1.5%

Shares of CCI opened at $104.58 on Friday. The business's 50 day moving average price is $103.33 and its 200-day moving average price is $99.83. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The stock has a market cap of $45.54 billion, a P/E ratio of -9.80, a P/E/G ratio of 0.79 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. During the same period in the previous year, the firm posted $1.62 EPS. The business's revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities analysts anticipate that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle's payout ratio is currently -39.83%.

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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