Garrison Bradford & Associates Inc. Acquires 11,852 Shares of Crown Castle Inc. $CCI

Key Points

• Garrison Bradford & Associates increased its Crown Castle stake by 44.1% in the third quarter, buying 11,852 shares to hold 38,732 shares worth approximately $2.58 million. Institutional investors collectively own 90.77% of CCI.
• Crown Castle reported quarterly revenue of $995 million and EPS of $0.67, both below analyst expectations, while revenue declined 7.2% year over year. The company’s dividend provides a 4.8% yield, though its 223.68% payout ratio is elevated.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $94.27, compared with the reported share price of $87.80.

Garrison Bradford & Associates Inc. boosted its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 44.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,732 shares of the real estate investment trust's stock after purchasing an additional 11,852 shares during the quarter. Crown Castle makes up approximately 2.9% of Garrison Bradford & Associates Inc.'s holdings, making the stock its 17th largest holding. Garrison Bradford & Associates Inc.'s holdings in Crown Castle were worth $2,581,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nykredit A S bought a new position in Crown Castle during the 2nd quarter valued at $13,219,000. Junto Capital Management LP acquired a new position in Crown Castle during the 2nd quarter worth $68,627,000. Saudi Central Bank increased its position in shares of Crown Castle by 89.9% in the 2nd quarter. Saudi Central Bank now owns 30,525 shares of the real estate investment trust's stock worth $2,312,000 after purchasing an additional 14,451 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Crown Castle in the 2nd quarter worth about $168,855,000. Finally, National Pension Service increased its position in shares of Crown Castle by 8.1% in the 2nd quarter. National Pension Service now owns 674,624 shares of the real estate investment trust's stock worth $51,089,000 after purchasing an additional 50,772 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Trading Down 0.1%

Shares of NYSE CCI opened at $87.80 on Thursday. The company has a market cap of $37.35 billion, a price-to-earnings ratio of 46.21, a price-to-earnings-growth ratio of 0.77 and a beta of 0.94. Crown Castle Inc. has a 12-month low of $65.32 and a 12-month high of $95.32. The stock's 50 day simple moving average is $75.23 and its 200 day simple moving average is $82.22.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.69 by ($0.02). Crown Castle had a net margin of 20.12% and a negative return on equity of 42.11%. The company had revenue of $995.00 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the business posted $1.12 earnings per share. The business's quarterly revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts forecast that Crown Castle Inc. will post 4.41 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a $1.0625 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $4.25 annualized dividend and a yield of 4.8%. Crown Castle's dividend payout ratio (DPR) is currently 223.68%.

Insider Transactions at Crown Castle

In other news, VP Robert Collins sold 1,500 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the transaction, the vice president directly owned 5,113 shares in the company, valued at approximately $388,025.57. The trade was a 22.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CCI shares. Royal Bank Of Canada cut their target price on shares of Crown Castle from $92.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Weiss Ratings raised Crown Castle from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. Jefferies Financial Group dropped their price target on Crown Castle from $88.00 to $82.00 and set a "hold" rating on the stock in a research report on Wednesday, July 15th. Truist Financial reduced their price objective on Crown Castle from $95.00 to $87.00 and set a "hold" rating on the stock in a research note on Tuesday, July 28th. Finally, TD Cowen lifted their price objective on shares of Crown Castle from $92.00 to $98.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Crown Castle has an average rating of "Moderate Buy" and an average target price of $94.27.

Crown Castle Company Profile

Crown Castle Inc NYSE: CCI is a real estate investment trust that owns, operates and leases communications infrastructure in the United States. Its assets support wireless carriers, broadcasters, government agencies and other communications providers by enabling the transmission of voice, data and video services.

The company's infrastructure has historically included approximately 40,000 cell towers, about 90,000 route miles of fiber and a large portfolio of small-cell installations.

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