Mackenzie Financial Corp Acquires 2,591 Shares of Crown Castle Inc. (NYSE:CCI)

Key Points

• Mackenzie Financial Corp increased its holdings in Crown Castle Inc. by 6.9%, acquiring an additional 2,591 shares, bringing its total to 40,359 shares valued at approximately $4.2 million.
• Crown Castle recently reported a quarterly EPS of $1.02, exceeding analysts' expectations, despite a year-over-year revenue decrease of 4.2% and a negative net margin of 85.54%.
• Research firms reacted positively to Crown Castle's performance, with multiple analysts increasing their price targets, some reaching up to $125.00, and giving the stock an “overweight” rating.

Mackenzie Financial Corp boosted its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 6.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,359 shares of the real estate investment trust's stock after acquiring an additional 2,591 shares during the quarter. Mackenzie Financial Corp's holdings in Crown Castle were worth $4,207,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CCI. Northern Trust Corp increased its stake in Crown Castle by 24.2% in the 4th quarter. Northern Trust Corp now owns 4,729,215 shares of the real estate investment trust's stock worth $429,224,000 after acquiring an additional 920,428 shares during the last quarter. GAMMA Investing LLC increased its stake in Crown Castle by 12,290.3% in the 1st quarter. GAMMA Investing LLC now owns 601,303 shares of the real estate investment trust's stock worth $62,674,000 after acquiring an additional 596,450 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Crown Castle during the fourth quarter valued at about $45,348,000. Jefferies Financial Group Inc. raised its position in Crown Castle by 13,717.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 480,030 shares of the real estate investment trust's stock valued at $43,568,000 after purchasing an additional 476,556 shares in the last quarter. Finally, Invesco Ltd. raised its position in Crown Castle by 11.1% during the fourth quarter. Invesco Ltd. now owns 4,380,013 shares of the real estate investment trust's stock valued at $397,530,000 after purchasing an additional 436,657 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Price Performance

NYSE CCI opened at $106.89 on Friday. The stock has a market capitalization of $46.55 billion, a PE ratio of -10.02, a PEG ratio of 0.80 and a beta of 0.89. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The business's 50-day moving average is $102.78 and its 200 day moving average is $99.21.

Crown Castle (NYSE:CCI - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%. Crown Castle's quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the firm earned $1.62 earnings per share. As a group, equities research analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $1.0625 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $4.25 annualized dividend and a dividend yield of 4.0%. Crown Castle's dividend payout ratio (DPR) is presently -39.83%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CCI. KeyCorp raised their price target on Crown Castle from $122.00 to $125.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Wells Fargo & Company upgraded Crown Castle from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $105.00 to $125.00 in a research report on Thursday, July 24th. Citigroup raised their price target on Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a research report on Monday, May 5th. BMO Capital Markets raised their price target on Crown Castle from $108.00 to $115.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. Finally, JMP Securities restated a "market outperform" rating and set a $125.00 price target on shares of Crown Castle in a research report on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $116.18.

Crown Castle Company Profile

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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