Choreo LLC Buys Shares of 7,969 Crown Castle Inc. (NYSE:CCI)

Choreo LLC purchased a new position in Crown Castle Inc. (NYSE:CCI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,969 shares of the real estate investment trust’s stock, valued at approximately $766,000.

Several other institutional investors and hedge funds have also modified their holdings of CCI. EverSource Wealth Advisors LLC raised its holdings in Crown Castle by 12.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock worth $101,000 after purchasing an additional 108 shares during the period. Gilbert & Cook Inc. raised its stake in shares of Crown Castle by 3.7% in the fourth quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after buying an additional 110 shares during the period. Benedict Financial Advisors Inc. raised its stake in shares of Crown Castle by 4.0% in the first quarter. Benedict Financial Advisors Inc. now owns 2,947 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 113 shares during the period. HM Payson & Co. lifted its position in shares of Crown Castle by 5.3% during the 1st quarter. HM Payson & Co. now owns 2,259 shares of the real estate investment trust’s stock valued at $239,000 after buying an additional 114 shares in the last quarter. Finally, OFI Invest Asset Management increased its holdings in Crown Castle by 41.5% in the 1st quarter. OFI Invest Asset Management now owns 402 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

CCI has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. BMO Capital Markets raised their price target on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Bank of America boosted their price objective on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. The Goldman Sachs Group began coverage on Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 target price for the company. Finally, TD Cowen boosted their price target on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Crown Castle presently has a consensus rating of “Hold” and an average target price of $113.53.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the transaction, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.39% of the company’s stock.

Crown Castle Price Performance

Crown Castle stock opened at $118.84 on Friday. Crown Castle Inc. has a 52-week low of $84.72 and a 52-week high of $120.31. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The firm’s fifty day moving average is $109.77 and its 200 day moving average is $103.83. The company has a market cap of $51.64 billion, a price-to-earnings ratio of 37.14 and a beta of 0.85.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. Sell-side analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.27%. Crown Castle’s dividend payout ratio is currently 195.63%.

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.