Fred Alger Management LLC Has $4.68 Million Stake in Crown Castle Inc. $CCI

Key Points

• Fred Alger Management LLC increased its stake in Crown Castle Inc. by 9.0% during the first quarter, acquiring an additional 3,700 shares, resulting in a total of 44,935 shares valued at approximately $4.68 million.
• Crown Castle reported quarterly earnings of $1.02 per share, surpassing analysts' expectations, although reflecting a decline in revenue of 4.2% year-over-year.
• The company declared a quarterly dividend of $1.0625 per share, with a yield of 4.5%, set to be paid on September 30th to shareholders on record as of September 15th.

Fred Alger Management LLC boosted its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 9.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,935 shares of the real estate investment trust's stock after acquiring an additional 3,700 shares during the quarter. Fred Alger Management LLC's holdings in Crown Castle were worth $4,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Crown Castle in the first quarter valued at about $26,000. Iron Horse Wealth Management LLC acquired a new position in Crown Castle in the first quarter valued at about $26,000. Centerpoint Advisors LLC acquired a new position in Crown Castle in the first quarter valued at about $26,000. Stone House Investment Management LLC acquired a new position in Crown Castle in the first quarter valued at about $27,000. Finally, Rise Advisors LLC acquired a new position in Crown Castle in the first quarter valued at about $28,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Down 0.2%

Shares of CCI traded down $0.22 on Monday, hitting $94.12. The company's stock had a trading volume of 682,773 shares, compared to its average volume of 3,294,642. The firm's fifty day moving average price is $102.67 and its 200-day moving average price is $101.51. 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 capitalization of $40.98 billion, a price-to-earnings ratio of -8.82, a P/E/G ratio of 0.72 and a beta of 0.92.

Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings data 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 net margin of 85.54% and a negative return on equity of 619.62%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $1.62 earnings per share. The firm's quarterly revenue was down 4.2% on a year-over-year basis. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. As a group, equities analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio (DPR) is presently -39.83%.

Wall Street Analysts Forecast Growth

CCI has been the topic of a number of recent analyst reports. UBS Group boosted their price target on shares of Crown Castle from $124.00 to $127.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Raymond James Financial reiterated a "strong-buy" rating and set a $124.00 target price (up from $122.00) on shares of Crown Castle in a research report on Thursday, July 24th. BMO Capital Markets upgraded shares of Crown Castle from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $115.00 to $120.00 in a research report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Crown Castle from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $105.00 to $125.00 in a research report on Thursday, July 24th. Finally, Bank of America started coverage on shares of Crown Castle in a research report on Monday, May 19th. They set a "buy" rating and a $115.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $116.47.

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.