Lockheed Martin Investment Management Co. Sells 12,660 Shares of Crown Castle Inc. $CCI

Key Points

• Lockheed Martin Investment Management reduced its Crown Castle stake by 33.4%, selling 12,660 shares in the third quarter and retaining 25,190 shares valued at about $1.68 million.
• Crown Castle’s latest quarter fell short of estimates: EPS was $0.67 versus $0.69 expected, revenue was $995 million versus $1.01 billion expected, and revenue declined 7.2% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $94.27 target price.
• The company declared a quarterly dividend of $1.0625 per share, equivalent to $4.25 annually and a 4.8% yield.

Lockheed Martin Investment Management Co. cut its position in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 33.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,190 shares of the real estate investment trust's stock after selling 12,660 shares during the period. Lockheed Martin Investment Management Co.'s holdings in Crown Castle were worth $1,679,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CCI. BlackRock Inc. purchased a new position in shares of Crown Castle during the second quarter valued at approximately $3,326,154,000. Legal & General Group Plc purchased a new stake in Crown Castle in the second quarter worth $456,897,000. Deutsche Bank AG purchased a new stake in Crown Castle in the second quarter worth $429,341,000. Bank of America Corp DE purchased a new stake in Crown Castle in the second quarter worth $348,779,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Crown Castle by 18,599.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,872,994 shares of the real estate investment trust's stock worth $293,302,000 after purchasing an additional 3,852,282 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CCI. Morgan Stanley set a $85.00 target price on shares of Crown Castle in a research note on Monday, September 21st. Weiss Ratings upgraded shares of Crown Castle from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, October 26th. Citigroup reaffirmed a "market outperform" rating on shares of Crown Castle in a research note on Thursday, October 22nd. Truist Financial decreased their price objective on shares of Crown Castle from $95.00 to $87.00 and set a "hold" rating for the company in a report on Tuesday, July 28th. Finally, Barclays lifted their price objective on shares of Crown Castle from $84.00 to $86.00 and gave the company an "overweight" rating in a report on Wednesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.27.

Crown Castle Price Performance

Shares of CCI stock opened at $87.90 on Tuesday. Crown Castle Inc. has a 1-year low of $65.32 and a 1-year high of $95.07. The stock's 50-day moving average is $77.35 and its 200 day moving average is $82.27. The company has a market cap of $37.40 billion, a P/E ratio of 46.26, a PEG ratio of 0.81 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 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 firm had revenue of $995.00 million for the quarter, compared to analysts' expectations of $1.01 billion. During the same period in the previous year, the company earned $1.12 EPS. The company's revenue was down 7.2% on a year-over-year basis. On average, analysts anticipate that Crown Castle Inc. will post 4.40 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, December 15th. Crown Castle's dividend payout ratio is presently 223.68%.

About Crown Castle

Crown Castle Inc NYSE: CCI owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity.

The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.

Founded in 1994, Crown Castle serves communities across the United States.

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