Mirae Asset Global Investments Co. Ltd. Has $7.46 Million Position in Crown Castle Inc. $CCI

Key Points

• Mirae Asset Global Investments increased its stake in Crown Castle by 18.2% in Q4 to 83,884 shares, valued at about $7.46 million after acquiring an additional 12,921 shares.
• Crown Castle pays a quarterly dividend of $1.0625 (annualized $4.25) for a yield of roughly 4.9%420.79%.
• Analysts hold a consensus rating of “Moderate Buy” with an average target of $98.86, reflecting mixed recent notes including price cuts and an outperform initiation by Sanford C. Bernstein.

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 18.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,884 shares of the real estate investment trust's stock after acquiring an additional 12,921 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Crown Castle were worth $7,455,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CCI. Empowered Funds LLC grew its holdings in Crown Castle by 7.5% during the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust's stock worth $1,714,000 after acquiring an additional 1,150 shares during the period. First Trust Advisors LP raised its holdings in shares of Crown Castle by 6.9% during the second quarter. First Trust Advisors LP now owns 87,611 shares of the real estate investment trust's stock valued at $9,000,000 after purchasing an additional 5,630 shares during the period. Baird Financial Group Inc. raised its holdings in shares of Crown Castle by 3.7% during the second quarter. Baird Financial Group Inc. now owns 7,655 shares of the real estate investment trust's stock valued at $786,000 after purchasing an additional 272 shares during the period. Jump Financial LLC raised its holdings in shares of Crown Castle by 49.3% during the second quarter. Jump Financial LLC now owns 10,913 shares of the real estate investment trust's stock valued at $1,121,000 after purchasing an additional 3,603 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of Crown Castle by 5.6% during the second quarter. Federated Hermes Inc. now owns 4,955 shares of the real estate investment trust's stock valued at $509,000 after purchasing an additional 261 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCI has been the topic of several research reports. Scotiabank dropped their price objective on shares of Crown Castle from $94.00 to $91.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 7th. New Street Research lowered shares of Crown Castle from a "buy" rating to a "neutral" rating and set a $93.00 price objective on the stock. in a report on Monday, January 5th. Sanford C. Bernstein initiated coverage on shares of Crown Castle in a report on Thursday, March 5th. They set an "outperform" rating and a $102.00 price objective on the stock. HSBC dropped their price objective on shares of Crown Castle from $107.00 to $88.40 and set a "hold" rating on the stock in a report on Thursday, February 5th. Finally, Weiss Ratings upgraded shares of Crown Castle from a "sell (d)" rating to a "hold (c-)" rating in a report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $98.86.

Crown Castle Price Performance

Shares of CCI stock opened at $87.52 on Tuesday. The firm has a 50-day moving average of $86.14 and a 200-day moving average of $88.72. The company has a market cap of $38.19 billion, a P/E ratio of 86.65, a P/E/G ratio of 0.45 and a beta of 0.94. Crown Castle Inc. has a one year low of $75.96 and a one year high of $115.76.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $1.0625 dividend. The ex-dividend date was Friday, March 13th. This represents a $4.25 annualized dividend and a dividend yield of 4.9%. Crown Castle's dividend payout ratio is currently 420.79%.

Insider Activity

In other news, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the completion of the sale, the vice president owned 5,800 shares in the company, valued at $507,442. This represents a 34.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares of the company's stock, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.10% of the company's stock.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company's assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.

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