Nordea Investment Management AB Sells 1,606,121 Shares of Crown Castle Inc. $CCI

Key Points

• Nordea Investment Management AB significantly reduced its stake in Crown Castle Inc. by selling 1,606,121 shares, leading to a 97.7% decrease in their holdings, resulting in ownership of 38,500 shares valued at approximately $3.87 million.
• Several research firms have issued varying ratings for Crown Castle, with JPMorgan Chase raising its target price to $120 and maintaining a "neutral" rating, while Raymond James continues to rate the stock as a "strong buy" with a target of $124.
• Crown Castle recently declared a quarterly dividend of $1.0625 per share, giving an annualized yield of 4.3%, although the company reported a significant negative net margin of -85.54% this quarter.

Nordea Investment Management AB lessened its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 97.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,500 shares of the real estate investment trust's stock after selling 1,606,121 shares during the period. Nordea Investment Management AB's holdings in Crown Castle were worth $3,869,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Iron Horse Wealth Management LLC bought a new stake in Crown Castle in the first quarter valued at approximately $26,000. Centerpoint Advisors LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $26,000. Stone House Investment Management LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $27,000. Rise Advisors LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $28,000. Finally, WPG Advisers LLC acquired a new position in shares of Crown Castle in the first quarter valued at approximately $33,000. Institutional investors own 90.77% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CCI. JPMorgan Chase & Co. upped their price target on shares of Crown Castle from $115.00 to $120.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Raymond James Financial reiterated a "strong-buy" rating and issued a $124.00 price target (up previously from $122.00) on shares of Crown Castle in a report on Thursday, July 24th. Citigroup reduced their price target on shares of Crown Castle from $124.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, October 16th. Weiss Ratings reiterated a "sell (d)" rating on shares of Crown Castle in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada set a $112.00 price target on shares of Crown Castle and gave the company an "outperform" rating in a report on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Crown Castle presently has a consensus rating of "Moderate Buy" and an average price target of $113.44.

Crown Castle Trading Down 0.1%

Crown Castle stock opened at $98.73 on Wednesday. The company has a market cap of $43.00 billion, a P/E ratio of -9.25, a price-to-earnings-growth ratio of 0.75 and a beta of 0.95. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $115.76. The company has a fifty day simple moving average of $97.23 and a 200 day simple moving average of $100.57.

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

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $1.0625 dividend. The ex-dividend date was Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 4.3%. Crown Castle's dividend payout ratio (DPR) is currently -39.83%.

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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