Te Ahumairangi Investment Management Ltd Boosts Position in Crown Castle Inc. $CCI

Key Points

• Te Ahumairangi Investment Management Ltd boosted its stake in Crown Castle by 123.2% in Q3 to 51,570 shares, holdings now worth about $4.98 million.
• Crown Castle declared a quarterly dividend of $1.0625 (annualized $4.25) implying a 4.9% yield; the ex-dividend/record date is March 13 and the payment is scheduled for March 31.
• Recent insider selling included VP Robert Sean Collins (3,000 shares) and EVP Edward B. Adams Jr. (4,650 shares); institutional investors own about 90.8% of the stock while insiders hold 0.10%.

Te Ahumairangi Investment Management Ltd boosted its stake in shares of Crown Castle Inc. (NYSE:CCI - Free Report) by 123.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,570 shares of the real estate investment trust's stock after buying an additional 28,470 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in Crown Castle were worth $4,976,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Winnow Wealth LLC bought a new position in Crown Castle in the 2nd quarter worth about $26,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Crown Castle during the second quarter valued at approximately $27,000. LRI Investments LLC purchased a new stake in shares of Crown Castle in the third quarter valued at approximately $29,000. Cornerstone Planning Group LLC boosted its holdings in shares of Crown Castle by 269.9% in the third quarter. Cornerstone Planning Group LLC now owns 381 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 278 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Crown Castle in the third quarter worth approximately $44,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Crown Castle

In other Crown Castle news, VP Robert Sean Collins sold 3,000 shares of the business's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the completion of the transaction, the vice president directly owned 5,800 shares in the company, valued at approximately $507,442. The trade was a 34.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the sale, the executive vice president directly owned 25,183 shares of the company's stock, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.10% of the company's stock.

Crown Castle Trading Up 0.1%

Shares of NYSE:CCI traded up $0.11 on Friday, reaching $86.22. The company had a trading volume of 284,518 shares, compared to its average volume of 3,455,391. The firm has a market capitalization of $37.60 billion, a PE ratio of 85.36, a PEG ratio of 0.44 and a beta of 0.96. Crown Castle Inc. has a 52-week low of $77.01 and a 52-week high of $115.76. The firm's 50 day simple moving average is $87.26 and its 200-day simple moving average is $91.05.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $1.0625 dividend. This represents a $4.25 annualized dividend and a yield of 4.9%. The ex-dividend date is Friday, March 13th. Crown Castle's payout ratio is 420.79%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CCI. HSBC decreased their target price on Crown Castle from $107.00 to $88.40 and set a "hold" rating for the company in a research report on Thursday, February 5th. Citigroup cut their price target on Crown Castle from $110.00 to $106.00 and set a "buy" rating on the stock in a research note on Thursday, February 5th. Weiss Ratings upgraded Crown Castle from a "sell (d)" rating to a "hold (c-)" rating in a report on Tuesday, February 24th. Barclays lowered their price objective on shares of Crown Castle from $101.00 to $91.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 17th. Finally, New Street Research downgraded shares of Crown Castle from a "buy" rating to a "neutral" rating and set a $93.00 target price on the stock. in a research report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $100.13.

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.

Want to see what other hedge funds are holding CCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crown Castle Inc. (NYSE:CCI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.