Perpetual Ltd Lowers Position in Crown Castle Inc. $CCI

Key Points

• Perpetual Ltd has significantly reduced its stake in Crown Castle Inc. by 58.3%, owning 2,962 shares after selling 4,143 shares during the second quarter.
• Crown Castle recently reported earnings of $1.02 per share, exceeding the consensus estimate, despite 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 4.5%, despite a negative payout ratio of -39.83%.

Perpetual Ltd lessened its stake in Crown Castle Inc. (NYSE:CCI - Free Report) by 58.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,962 shares of the real estate investment trust's stock after selling 4,143 shares during the quarter. Perpetual Ltd's holdings in Crown Castle were worth $304,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Iron Horse Wealth Management LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at $26,000. Centerpoint Advisors LLC purchased a new position in Crown Castle in the first quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Crown Castle in the 1st quarter worth about $26,000. Stone House Investment Management LLC bought a new stake in shares of Crown Castle in the 1st quarter worth about $27,000. Finally, Rise Advisors LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CCI shares. JPMorgan Chase & Co. boosted their target price on shares of Crown Castle from $115.00 to $120.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. UBS Group upped their price target on Crown Castle from $124.00 to $127.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Raymond James Financial reiterated a "strong-buy" rating and issued a $124.00 price objective (up previously from $122.00) on shares of Crown Castle in a research note on Thursday, July 24th. JMP Securities reiterated a "market outperform" rating and issued a $125.00 price objective on shares of Crown Castle in a research note on Thursday, July 24th. Finally, Barclays upped their price objective on shares of Crown Castle from $119.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.06.

Crown Castle Stock Up 0.6%

Shares of CCI stock traded up $0.59 on Monday, reaching $94.19. The company had a trading volume of 3,935,669 shares, compared to its average volume of 3,904,877. The stock has a market capitalization of $41.02 billion, a PE ratio of -8.83, a price-to-earnings-growth ratio of 0.71 and a beta of 0.92. Crown Castle Inc. has a one year low of $84.20 and a one year high of $119.56. The business's 50-day moving average is $101.75 and its 200 day moving average is $101.47.

Crown Castle (NYSE:CCI - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, beating the consensus estimate of $1.00 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 85.54%.The firm's revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 earnings per share. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, September 15th. Crown Castle's dividend payout ratio is presently -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.