Wellington Management Group LLP Lowers Holdings in Crown Castle Inc. $CCI

Key Points

• Wellington Management Group LLP trimmed its stake in Crown Castle by 28.4% in Q3, selling 5,398,432 shares and now holds 13,606,433 shares (about 3.12% of the company) valued at roughly $1.313 billion.
• Crown Castle declared a quarterly dividend of $1.0625 (annualized $4.25) for a yield of 4.9%, while its dividend payout ratio is very high at 420.79%.
• Analyst coverage has seen several price-target cuts but sentiment remains mildly positive with a MarketBeat consensus of "Moderate Buy" and a consensus target price of $100.13.

Wellington Management Group LLP trimmed its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,606,433 shares of the real estate investment trust's stock after selling 5,398,432 shares during the period. Wellington Management Group LLP owned approximately 3.12% of Crown Castle worth $1,312,885,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Winnow Wealth LLC purchased a new stake in shares of Crown Castle in the second quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in Crown Castle during the second quarter worth about $27,000. LRI Investments LLC acquired a new stake in Crown Castle in the third quarter valued at about $29,000. Cornerstone Planning Group LLC lifted its position in 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. purchased a new stake in Crown Castle in the 3rd quarter valued at approximately $44,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Up 1.5%

Crown Castle stock opened at $87.44 on Friday. The firm has a market capitalization of $38.13 billion, a PE ratio of 86.57, a P/E/G 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 $87.23 and its 200 day simple moving average is $90.94.

Crown Castle Dividend Announcement

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

Analysts Set New Price Targets

CCI has been the subject of a number of analyst reports. Raymond James Financial cut their target price on Crown Castle from $120.00 to $106.00 and set a "strong-buy" rating for the company in a research note on Friday, January 23rd. Sanford C. Bernstein initiated coverage on Crown Castle in a report on Thursday, March 5th. They set an "outperform" rating and a $102.00 price objective on the stock. HSBC cut their price objective 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. Wells Fargo & Company decreased their target price on shares of Crown Castle from $105.00 to $90.00 and set an "overweight" rating on the stock in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Crown Castle from $110.00 to $95.00 and set a "neutral" rating on the stock in a research note on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Crown Castle presently has a consensus rating of "Moderate Buy" and a consensus target price of $100.13.

Insider Activity at Crown Castle

In related news, EVP Edward B. Adams, Jr. sold 4,650 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the sale, the executive vice president owned 25,183 shares of the company's stock, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the sale, the vice president owned 5,800 shares in the company, valued at approximately $507,442. This trade represents a 34.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.10% of the stock is owned by corporate insiders.

About Crown Castle

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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