Pictet Asset Management Holding SA Cuts Stock Holdings in Crown Castle Inc. $CCI

Key Points

• Pictet Asset Management Holding SA cut its Crown Castle stake by 33.8% in the second quarter, selling 676,531 shares and retaining 1.32 million shares valued at approximately $100.1 million. Institutional investors collectively own 90.77% of the stock.
• Analyst sentiment remains cautiously positive, with Crown Castle carrying a “Moderate Buy” consensus rating and an average price target of $95.13, despite several recent target-price reductions.
• Crown Castle shares opened at $75.91, near the lower end of their 12-month range, while the company declared a quarterly dividend of $1.0625 per share, representing a 5.6% annualized yield.

Pictet Asset Management Holding SA reduced its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 33.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,322,317 shares of the real estate investment trust's stock after selling 676,531 shares during the period. Pictet Asset Management Holding SA owned about 0.30% of Crown Castle worth $100,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. United Asset Strategies Inc. grew its position in Crown Castle by 2.5% during the fourth quarter. United Asset Strategies Inc. now owns 4,931 shares of the real estate investment trust's stock valued at $438,000 after buying an additional 120 shares during the period. Binnacle Investments Inc increased its holdings in Crown Castle by 10.9% in the third quarter. Binnacle Investments Inc now owns 1,295 shares of the real estate investment trust's stock valued at $125,000 after buying an additional 127 shares in the last quarter. Front Row Advisors LLC raised its position in shares of Crown Castle by 1.4% in the first quarter. Front Row Advisors LLC now owns 9,305 shares of the real estate investment trust's stock worth $757,000 after acquiring an additional 130 shares during the period. Hilton Head Capital Partners LLC raised its position in shares of Crown Castle by 55.6% in the first quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 134 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in shares of Crown Castle by 10.2% during the 1st quarter. CENTRAL TRUST Co now owns 1,488 shares of the real estate investment trust's stock worth $121,000 after acquiring an additional 138 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 1,500 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the completion of the transaction, the vice president directly owned 5,113 shares of the company's stock, valued at approximately $388,025.57. This represents a 22.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company's stock.

Analysts Set New Price Targets

CCI has been the topic of a number of analyst reports. TD Cowen dropped their target price on Crown Castle from $94.00 to $92.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Crown Castle in a report on Friday, May 22nd. Jefferies Financial Group lowered their price target on Crown Castle from $88.00 to $82.00 and set a "hold" rating on the stock in a research report on Wednesday, July 15th. Raymond James Financial raised their price objective on Crown Castle from $102.00 to $108.00 and gave the company a "strong-buy" rating in a report on Thursday, April 23rd. Finally, Truist Financial cut their price objective on Crown Castle from $95.00 to $87.00 and set a "hold" rating for the company in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, Crown Castle presently has an average rating of "Moderate Buy" and a consensus price target of $95.13.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $75.91 on Friday. The stock has a market capitalization of $32.30 billion, a P/E ratio of 38.53, a PEG ratio of 0.40 and a beta of 0.95. The business has a 50 day simple moving average of $79.61 and a two-hundred day simple moving average of $84.52. Crown Castle Inc. has a 12 month low of $69.72 and a 12 month high of $104.61.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $1.0625 per share. This represents a $4.25 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Tuesday, September 15th. Crown Castle's payout ratio is presently 215.74%.

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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