Mirae Asset Global Investments Co. Ltd. Purchases 6,428 Shares of Crown Castle Inc. (NYSE:CCI)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 12.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,633 shares of the real estate investment trust's stock after purchasing an additional 6,428 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Crown Castle were worth $6,074,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in shares of Crown Castle in the 1st quarter valued at approximately $26,000. Twin Tree Management LP bought a new stake in shares of Crown Castle in the 4th quarter valued at approximately $25,000. American National Bank & Trust bought a new stake in shares of Crown Castle in the 1st quarter valued at approximately $29,000. Capital Advisors Ltd. LLC grew its stake in shares of Crown Castle by 62.1% in the 1st quarter. Capital Advisors Ltd. LLC now owns 347 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 133 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of Crown Castle by 95.2% in the 1st quarter. Versant Capital Management Inc now owns 408 shares of the real estate investment trust's stock valued at $43,000 after purchasing an additional 199 shares during the period. Institutional investors own 90.77% of the company's stock.

Crown Castle Stock Down 0.2%

NYSE:CCI traded down $0.25 during trading hours on Friday, hitting $102.92. 1,246,284 shares of the stock were exchanged, compared to its average volume of 2,936,756. The company's 50 day moving average is $101.48 and its two-hundred day moving average is $96.89. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92. The company has a market capitalization of $44.82 billion, a P/E ratio of -9.57, a price-to-earnings-growth ratio of 0.80 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.62). Crown Castle had a negative return on equity of 164.40% and a negative net margin of 78.12%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company posted $1.72 EPS. The firm's quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities research analysts expect that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Friday, June 13th. Crown Castle's dividend payout ratio is -39.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CCI shares. Bank of America started coverage on Crown Castle in a research note on Monday, May 19th. They issued a "buy" rating and a $115.00 price objective on the stock. BMO Capital Markets reiterated a "market perform" rating on shares of Crown Castle in a research note on Tuesday, March 25th. New Street Research upgraded Crown Castle from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 1st. Scotiabank boosted their target price on Crown Castle from $99.00 to $109.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 22nd. Finally, Citigroup boosted their target price on Crown Castle from $108.00 to $124.00 and gave the stock a "buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.71.

Insider Activity

In other news, EVP Edward B. Adams, Jr. sold 8,000 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.37, for a total value of $850,960.00. Following the transaction, the executive vice president owned 20,528 shares of the company's stock, valued at $2,183,563.36. This represents a 28.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Robert Sean Collins sold 3,600 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.72, for a total value of $384,192.00. Following the completion of the transaction, the vice president directly owned 6,465 shares in the company, valued at approximately $689,944.80. This trade represents a 35.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,600 shares of company stock valued at $3,362,752 in the last 90 days. 0.10% of the stock is owned by company insiders.

Crown Castle 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.