Pictet Asset Management Holding SA Acquires 14,641 Shares of Crown Castle Inc. $CCI

Pictet Asset Management Holding SA boosted its holdings in Crown Castle Inc. (NYSE:CCI - Free Report) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,336,958 shares of the real estate investment trust's stock after acquiring an additional 14,641 shares during the period. Pictet Asset Management Holding SA owned 0.31% of Crown Castle worth $89,109,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CCI. Pingora Partners LLC acquired a new position in Crown Castle during the second quarter worth about $30,000. Global Assets Advisory LLC acquired a new stake in shares of Crown Castle in the first quarter valued at approximately $32,000. Anchor Investment Management LLC grew its position in shares of Crown Castle by 242.8% in the second quarter. Anchor Investment Management LLC now owns 473 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 335 shares during the last quarter. J.Safra Asset Management Corp acquired a new stake in shares of Crown Castle in the second quarter valued at approximately $42,000. Finally, CX Institutional increased its stake in shares of Crown Castle by 106.3% during the 3rd quarter. CX Institutional now owns 819 shares of the real estate investment trust's stock worth $55,000 after purchasing an additional 422 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCI has been the subject of several research reports. Citizens Jmp cut their price objective on Crown Castle from $125.00 to $120.00 and set a "market outperform" rating for the company in a research report on Friday, July 24th. Truist Financial lowered their target price on Crown Castle from $95.00 to $87.00 and set a "hold" rating on the stock in a report on Tuesday, July 28th. Morgan Stanley set a $85.00 target price on Crown Castle in a report on Monday, September 21st. Barclays raised their price target on Crown Castle from $84.00 to $86.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 30th. Finally, Weiss Ratings raised Crown Castle from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, October 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $94.27.

Crown Castle Stock Down 0.8%

CCI stock opened at $87.90 on Tuesday. Crown Castle Inc. has a 52-week low of $65.32 and a 52-week high of $95.07. The stock's fifty day simple moving average is $77.35 and its 200-day simple moving average is $82.27. The stock has a market capitalization of $37.40 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 0.81 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $995.00 million during the quarter, compared to analyst estimates of $1.01 billion. Crown Castle had a net margin of 20.12% and a negative return on equity of 42.11%. The business's revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 earnings per share. As a group, analysts anticipate that Crown Castle Inc. will post 4.40 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a dividend of $1.0625 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.8%. Crown Castle's dividend payout ratio is currently 223.68%.

About Crown Castle

Crown Castle Inc NYSE: CCI owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity.

The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.

Founded in 1994, Crown Castle serves communities across the United States.

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