OLD National Bancorp IN Increases Stock Holdings in Crown Castle Inc. (NYSE:CCI)

OLD National Bancorp IN increased its position in Crown Castle Inc. (NYSE:CCI - Free Report) by 104.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,003 shares of the real estate investment trust's stock after purchasing an additional 31,717 shares during the period. OLD National Bancorp IN's holdings in Crown Castle were worth $7,142,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Morgan Stanley raised its position in Crown Castle by 8.9% in the 3rd quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust's stock worth $1,203,648,000 after buying an additional 1,064,382 shares during the last quarter. FMR LLC raised its position in Crown Castle by 14.3% in the 3rd quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust's stock worth $1,098,526,000 after buying an additional 1,496,330 shares during the last quarter. Wellington Management Group LLP raised its position in Crown Castle by 21.9% in the 3rd quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust's stock worth $932,682,000 after buying an additional 1,818,910 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Crown Castle by 42.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust's stock valued at $651,910,000 after purchasing an additional 2,121,603 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Crown Castle by 2.9% during the 3rd quarter. Legal & General Group Plc now owns 5,568,481 shares of the real estate investment trust's stock valued at $512,467,000 after purchasing an additional 155,543 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Crown Castle Price Performance

CCI stock traded down $0.12 during midday trading on Monday, hitting $95.08. The company's stock had a trading volume of 3,186,265 shares, compared to its average volume of 2,843,129. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $128.27. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. The firm has a market capitalization of $41.31 billion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 2.53 and a beta of 0.73. The company has a 50 day moving average of $104.88 and a two-hundred day moving average of $105.33.

Crown Castle (NYSE:CCI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company earned $1.91 earnings per share. The company's revenue for the quarter was down 7.4% compared to the same quarter last year. On average, analysts expect that Crown Castle Inc. will post 6.59 EPS for the current year.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.565 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.58%. Crown Castle's dividend payout ratio is currently 195.63%.

Analyst Ratings Changes

CCI has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of Crown Castle from $115.00 to $100.00 and set an "equal weight" rating for the company in a research report on Friday. Bank of America reduced their price target on shares of Crown Castle from $120.00 to $105.00 and set a "neutral" rating for the company in a research report on Friday. Scotiabank reduced their price target on shares of Crown Castle from $133.00 to $118.00 and set a "sector perform" rating for the company in a research report on Thursday. Royal Bank of Canada upped their price target on shares of Crown Castle from $92.00 to $109.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group reduced their price target on shares of Crown Castle from $126.00 to $123.00 and set a "buy" rating for the company in a research report on Thursday. Eleven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $113.57.

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.