Victory Capital Management Inc. Has $37.16 Million Stock Position in Crown Castle Inc. (NYSE:CCI)

Victory Capital Management Inc. trimmed its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 356,526 shares of the real estate investment trust's stock after selling 11,374 shares during the quarter. Victory Capital Management Inc. owned approximately 0.08% of Crown Castle worth $37,161,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Crown Castle by 10.5% during the fourth quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust's stock worth $5,672,451,000 after purchasing an additional 5,934,615 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Crown Castle by 18.9% during the fourth quarter. Wellington Management Group LLP now owns 20,849,846 shares of the real estate investment trust's stock worth $1,892,332,000 after purchasing an additional 3,321,249 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Crown Castle by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 12,333,158 shares of the real estate investment trust's stock worth $1,119,225,000 after purchasing an additional 228,007 shares during the period. Norges Bank acquired a new stake in shares of Crown Castle during the fourth quarter worth approximately $561,714,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Crown Castle by 1.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 6,144,359 shares of the real estate investment trust's stock worth $557,662,000 after purchasing an additional 58,903 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Crown Castle

In other Crown Castle news, EVP Edward B. Adams, Jr. sold 8,000 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.37, for a total value of $850,960.00. Following the sale, the executive vice president owned 20,528 shares of the company's stock, valued at $2,183,563.36. The trade was a 28.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert Sean Collins sold 3,600 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.72, for a total transaction of $384,192.00. Following the completion of the sale, the vice president directly owned 6,465 shares in the company, valued at $689,944.80. This trade represents a 35.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,600 shares of company stock valued at $3,362,752 in the last 90 days. 0.10% of the stock is currently owned by company insiders.

Crown Castle Trading Up 0.9%

Shares of CCI stock opened at $105.19 on Friday. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The firm's fifty day simple moving average is $101.14 and its 200 day simple moving average is $97.79. The firm has a market capitalization of $45.81 billion, a P/E ratio of -9.78, a price-to-earnings-growth ratio of 0.81 and a beta of 0.88.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). The business 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 164.40% and a negative net margin of 78.12%. The firm's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.72 EPS. Equities research analysts anticipate that Crown Castle Inc. will post 6.67 EPS for the current fiscal year.

Crown Castle Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend was Friday, June 13th. Crown Castle's dividend payout ratio (DPR) is presently -39.50%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. JMP Securities raised their price target on shares of Crown Castle from $115.00 to $125.00 and gave the stock a "market outperform" rating in a report on Thursday, May 1st. KeyCorp raised their price objective on shares of Crown Castle from $120.00 to $122.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. BMO Capital Markets reaffirmed a "market perform" rating on shares of Crown Castle in a research report on Tuesday, March 25th. Citigroup raised their price objective on shares of Crown Castle from $108.00 to $124.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Finally, Bank of America started coverage on shares of Crown Castle in a research report on Monday, May 19th. They set a "buy" rating and a $115.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Crown Castle currently has an average rating of "Moderate Buy" and a consensus target price of $113.38.

About Crown Castle

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.

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