Parallel Advisors LLC Decreases Stock Position in Crown Castle Inc. $CCI

Key Points

• Parallel Advisors LLC reduced its stake in Crown Castle by 16.8% in Q3, selling 31,103 shares and retaining 154,110 shares valued at about $14.87 million.
• Crown Castle declared a quarterly dividend of $1.0625 (annualized $4.25) for a yield of 4.7%, while its dividend payout ratio is an elevated 420.79%.
• Several analysts trimmed price targets on CCI, but the consensus rating remains a Moderate Buy with a $100.13 target; the stock recently traded near $90.49 within a 52‑week range of $77.01–$115.76.

Parallel Advisors LLC cut its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 16.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,110 shares of the real estate investment trust's stock after selling 31,103 shares during the quarter. Parallel Advisors LLC's holdings in Crown Castle were worth $14,870,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CCI. Winnow Wealth LLC purchased a new position in shares of Crown Castle in the second quarter worth $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Crown Castle during the second quarter valued at $27,000. LRI Investments LLC bought a new stake in Crown Castle in the 3rd quarter worth about $29,000. Cornerstone Planning Group LLC increased its holdings in Crown Castle by 269.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 381 shares of the real estate investment trust's stock worth $35,000 after buying an additional 278 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in Crown Castle in the 3rd quarter worth about $44,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Up 0.4%

Crown Castle stock opened at $90.49 on Friday. Crown Castle Inc. has a 52-week low of $77.01 and a 52-week high of $115.76. The company has a market cap of $39.46 billion, a P/E ratio of 89.59, a P/E/G ratio of 0.46 and a beta of 0.96. The business has a 50-day simple moving average of $87.33 and a two-hundred day simple moving average of $91.39.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $1.0625 dividend. The ex-dividend date is Friday, March 13th. This represents a $4.25 annualized dividend and a yield of 4.7%. Crown Castle's dividend payout ratio (DPR) is presently 420.79%.

Analyst Upgrades and Downgrades

CCI has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Crown Castle from $105.00 to $90.00 and set an "overweight" rating on the stock in a research note on Thursday, February 5th. The Goldman Sachs Group reduced their price target on shares of Crown Castle from $105.00 to $95.00 and set a "neutral" rating for the company in a research note on Thursday, February 5th. UBS Group decreased their price objective on shares of Crown Castle from $116.00 to $105.00 and set a "buy" rating for the company in a report on Thursday, February 5th. Scotiabank lowered their price objective on shares of Crown Castle from $96.00 to $94.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 5th. Finally, BMO Capital Markets dropped their target price on shares of Crown Castle from $97.00 to $91.00 and set an "outperform" rating on the stock in a report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Crown Castle currently has an average rating of "Moderate Buy" and a consensus price target of $100.13.

Insider Activity at Crown Castle

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president directly owned 25,183 shares in the company, valued at $2,174,300.22. This represents a 15.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Robert Sean Collins sold 3,000 shares of the company's stock in a transaction on Friday, February 27th. The stock was 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 of the company's stock, valued at $507,442. This trade represents a 34.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by company insiders.

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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