New England Asset Management Inc. reduced its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 96.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 765 shares of the real estate investment trust's stock after selling 19,165 shares during the quarter. New England Asset Management Inc.'s holdings in Crown Castle were worth $69,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Crown Castle by 31.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,187 shares of the real estate investment trust's stock worth $18,702,000 after buying an additional 49,687 shares in the last quarter. LRT Capital Management LLC grew its stake in Crown Castle by 17.9% in the 4th quarter. LRT Capital Management LLC now owns 15,725 shares of the real estate investment trust's stock worth $1,427,000 after buying an additional 2,392 shares in the last quarter. Laird Norton Wetherby Wealth Management LLC grew its stake in Crown Castle by 4.1% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 5,345 shares of the real estate investment trust's stock worth $485,000 after buying an additional 211 shares in the last quarter. Investment Management Corp of Ontario grew its stake in Crown Castle by 17.2% in the 4th quarter. Investment Management Corp of Ontario now owns 16,870 shares of the real estate investment trust's stock worth $1,531,000 after buying an additional 2,474 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Crown Castle by 3.8% in the 4th quarter. Janus Henderson Group PLC now owns 64,672 shares of the real estate investment trust's stock worth $5,869,000 after buying an additional 2,396 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.
Insider Transactions at Crown Castle
In other news, CEO Daniel K. Schlanger sold 20,000 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.38, for a total value of $2,127,600.00. Following the sale, the chief executive officer now directly owns 110,571 shares of the company's stock, valued at $11,762,542.98. This represents a 15.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward B. Adams, Jr. sold 8,000 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.37, for a total transaction of $850,960.00. Following the completion of the sale, the executive vice president now directly owns 20,528 shares in the company, valued at $2,183,563.36. This represents a 28.04% decrease in their ownership of the stock. 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 three months. 0.10% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
CCI has been the subject of a number of research reports. Raymond James raised shares of Crown Castle from an "outperform" rating to a "strong-buy" rating and cut their price target for the stock from $128.00 to $122.00 in a research note on Friday, March 14th. JMP Securities boosted their price target on shares of Crown Castle from $115.00 to $125.00 and gave the stock a "market outperform" rating in a research note on Thursday, May 1st. Argus upgraded shares of Crown Castle to a "hold" rating in a report on Friday, March 21st. Citizens Jmp upgraded shares of Crown Castle to a "strong-buy" rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Crown Castle from $121.00 to $115.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Crown Castle has an average rating of "Moderate Buy" and a consensus price target of $112.41.
View Our Latest Research Report on Crown Castle
Crown Castle Trading Up 1.5%
NYSE:CCI traded up $1.53 during midday trading on Friday, reaching $102.30. 2,966,793 shares of the stock traded hands, compared to its average volume of 2,880,973. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The company has a fifty day moving average of $101.69 and a 200 day moving average of $97.66. The stock has a market capitalization of $44.54 billion, a P/E ratio of 36.28 and a beta of 0.93. Crown Castle Inc. has a 12 month low of $84.20 and a 12 month high of $120.92.
Crown Castle (NYSE:CCI - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.62). The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.04 billion. Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.72 earnings per share. On average, research analysts predict that Crown Castle Inc. will post 6.67 EPS for the current year.
Crown Castle Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle's payout ratio is currently -58.18%.
Crown Castle Company Profile
(
Free Report)
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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