Russell Investments Group Ltd. Sells 346,461 Shares of Crown Castle Inc. $CCI

Key Points

• Russell Investments reduced its Crown Castle stake by 19.9% in the third quarter, selling 346,461 shares; it retained 1.39 million shares valued at about $92.8 million.
• Crown Castle reported quarterly EPS of $0.67, below the $0.69 consensus, while revenue of $995 million missed estimates and fell 7.2% year over year.
• The company declared a quarterly dividend of $1.0625 per share, equivalent to a 4.7% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $94.27.

Russell Investments Group Ltd. trimmed its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 19.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,392,521 shares of the real estate investment trust's stock after selling 346,461 shares during the quarter. Russell Investments Group Ltd. owned 0.33% of Crown Castle worth $92,835,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CCI. BlackRock Inc. acquired a new stake in Crown Castle in the 2nd quarter valued at about $3,326,154,000. Legal & General Group Plc acquired a new position in shares of Crown Castle during the second quarter worth about $456,897,000. Deutsche Bank AG acquired a new position in shares of Crown Castle during the second quarter worth about $429,341,000. Bank of America Corp DE purchased a new stake in shares of Crown Castle during the second quarter worth approximately $348,779,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Crown Castle by 18,599.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,872,994 shares of the real estate investment trust's stock worth $293,302,000 after buying an additional 3,852,282 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Price Performance

Shares of CCI traded up $1.17 during mid-day trading on Friday, reaching $90.86. The company's stock had a trading volume of 3,041,760 shares, compared to its average volume of 5,607,192. Crown Castle Inc. has a 12-month low of $65.32 and a 12-month high of $95.07. The stock has a market cap of $38.66 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 0.78 and a beta of 0.88. The company's 50 day moving average is $78.44 and its 200 day moving average is $82.33.

Crown Castle (NYSE:CCI - Get Free Report) last issued its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.02). The business had revenue of $995.00 million for the quarter, compared to analyst estimates of $1.01 billion. Crown Castle had a negative return on equity of 42.11% and a net margin of 20.12%. Crown Castle's revenue was down 7.2% on a year-over-year basis. During the same period last year, the business posted $1.12 EPS. As a group, sell-side analysts anticipate that Crown Castle Inc. will post 4.42 EPS 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. Shareholders of record on Tuesday, December 15th will be issued 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 yield of 4.7%. Crown Castle's dividend payout ratio (DPR) is presently 223.68%.

Analysts Set New Price Targets

CCI has been the topic of several analyst reports. TD Cowen raised their target price on shares of Crown Castle from $92.00 to $98.00 and gave the company a "buy" rating in a report on Thursday, October 22nd. Citizens Jmp lowered their price target on shares of Crown Castle from $125.00 to $120.00 and set a "market outperform" rating for the company in a report on Friday, July 24th. Barclays increased their price objective on shares of Crown Castle from $84.00 to $86.00 and gave the company an "overweight" rating in a research report on Wednesday, September 30th. Citigroup restated a "market outperform" rating on shares of Crown Castle in a report on Thursday, October 22nd. Finally, JPMorgan Chase & Co. cut shares of Crown Castle from a "neutral" rating to an "underweight" rating and decreased their price objective for the stock from $85.00 to $80.00 in a research report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $94.27.

Insiders Place Their Bets

In other Crown Castle news, VP Robert Collins sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $88.87, for a total transaction of $222,175.00. Following the sale, the vice president owned 2,613 shares of the company's stock, valued at approximately $232,217.31. This trade represents a 48.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company's stock.

Crown Castle Company Profile

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.

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