State of New Jersey Common Pension Fund D Lowers Holdings in Crown Castle Inc. $CCI

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Crown Castle Inc. by 8.9% during the first quarter, selling 13,850 shares and holding 142,307 shares worth approximately $14.83 million at the end of that period.
• A number of brokerages have set new price targets for Crown Castle, with an average target price of $116.24, indicating a consensus rating of "Moderate Buy" from analysts.
• Crown Castle recently announced a quarterly dividend of $1.0625 per share, resulting in an annualized dividend yield of 4.2% for shareholders of record as of September 15th.

State of New Jersey Common Pension Fund D lowered its holdings in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 8.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,307 shares of the real estate investment trust's stock after selling 13,850 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Crown Castle were worth $14,833,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Redmond Asset Management LLC lifted its position in shares of Crown Castle by 6.9% during the 1st quarter. Redmond Asset Management LLC now owns 14,435 shares of the real estate investment trust's stock valued at $1,505,000 after buying an additional 928 shares in the last quarter. American Century Companies Inc. lifted its holdings in Crown Castle by 36.9% during the first quarter. American Century Companies Inc. now owns 198,171 shares of the real estate investment trust's stock valued at $20,655,000 after purchasing an additional 53,405 shares in the last quarter. Ethic Inc. lifted its holdings in Crown Castle by 9.1% during the first quarter. Ethic Inc. now owns 50,614 shares of the real estate investment trust's stock valued at $5,295,000 after purchasing an additional 4,226 shares in the last quarter. Measured Risk Portfolios Inc. grew its position in shares of Crown Castle by 15.2% in the first quarter. Measured Risk Portfolios Inc. now owns 24,710 shares of the real estate investment trust's stock valued at $2,576,000 after purchasing an additional 3,258 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Crown Castle by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 5,992,402 shares of the real estate investment trust's stock worth $624,584,000 after purchasing an additional 72,511 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Performance

Shares of CCI stock traded up $0.2950 during trading hours on Wednesday, reaching $102.7150. The company had a trading volume of 4,009,176 shares, compared to its average volume of 3,243,314. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92. The company has a market capitalization of $44.73 billion, a price-to-earnings ratio of -9.63, a PEG ratio of 0.76 and a beta of 0.89. The stock has a fifty day moving average of $103.64 and a 200-day moving average of $100.44.

Crown Castle (NYSE:CCI - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates 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 for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Crown Castle has set its FY 2025 guidance at 4.140-4.250 EPS. On average, analysts forecast that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $1.0625 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.1%. Crown Castle's dividend payout ratio is currently -39.83%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Crown Castle from $112.00 to $113.00 and gave the company a "sector perform" rating in a research note on Thursday, August 7th. Wall Street Zen raised Crown Castle from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup lifted their price target on Crown Castle from $108.00 to $124.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. BMO Capital Markets upgraded Crown Castle from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $115.00 to $120.00 in a research report on Tuesday. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $124.00 price objective (up previously from $122.00) on shares of Crown Castle in a report on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $116.41.

Crown Castle Profile

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.