Magellan Asset Management Ltd Cuts Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Key Points

• Magellan Asset Management Ltd reduced its stake in Crown Castle Inc. by 7.4%, now holding approximately 1.5 million shares, which constitutes about 1.9% of its portfolio.
• Crown Castle reported $1.02 EPS for its latest quarter, surpassing expectations, but experienced a 4.2% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.0625 per share, with a dividend yield of 4.1%, set to be paid on September 30th.

Magellan Asset Management Ltd lowered its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 7.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,501,557 shares of the real estate investment trust's stock after selling 120,782 shares during the period. Crown Castle makes up approximately 1.9% of Magellan Asset Management Ltd's portfolio, making the stock its 25th biggest holding. Magellan Asset Management Ltd owned approximately 0.34% of Crown Castle worth $156,507,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new position in shares of Crown Castle in the 1st quarter valued at $26,000. Iron Horse Wealth Management LLC purchased a new stake in Crown Castle during the 1st quarter worth $26,000. American National Bank & Trust purchased a new stake in Crown Castle during the 1st quarter worth $29,000. Capital Advisors Ltd. LLC increased its stake in Crown Castle by 62.1% during the 1st 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 stake in Crown Castle during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Crown Castle Stock Down 1.5%

Shares of CCI opened at $104.58 on Friday. The company's fifty day moving average is $103.33 and its 200-day moving average is $99.83. Crown Castle Inc. has a 12 month low of $84.20 and a 12 month high of $120.92. The firm has a market cap of $45.54 billion, a price-to-earnings ratio of -9.80, a price-to-earnings-growth ratio of 0.79 and a beta of 0.89.

Crown Castle (NYSE:CCI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 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 analyst estimates of $1.04 billion. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. Crown Castle's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 EPS. As a group, research analysts predict that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company 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 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Crown Castle's dividend payout ratio is currently -39.83%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of Crown Castle from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday. Scotiabank boosted their target price on shares of 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 target price on shares of Crown Castle from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. UBS Group boosted their target price on shares of Crown Castle from $124.00 to $127.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Crown Castle from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $116.24.

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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