Crown Castle Inc. (NYSE:CCI) Shares Purchased by Abundance Wealth Counselors

Abundance Wealth Counselors raised its stake in Crown Castle Inc. (NYSE:CCI) by 22.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,460 shares of the real estate investment trust’s stock after buying an additional 1,741 shares during the quarter. Abundance Wealth Counselors’ holdings in Crown Castle were worth $924,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Crown Castle during the fourth quarter worth $581,503,000. M&G Plc purchased a new position in Crown Castle in the 1st quarter worth approximately $221,573,000. Mizuho Markets Americas LLC purchased a new position in shares of Crown Castle during the 4th quarter valued at approximately $201,582,000. Balyasny Asset Management L.P. boosted its stake in shares of Crown Castle by 18,200.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after buying an additional 1,642,432 shares during the last quarter. Finally, Capital International Investors raised its position in shares of Crown Castle by 68,262.1% during the 1st quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock valued at $131,239,000 after acquiring an additional 1,238,274 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insiders Place Their Bets

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.

Wall Street Analyst Weigh In

CCI has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 price target for the company. TD Cowen boosted their price target on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Bank of America lifted their price objective on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday. Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Finally, Barclays upped their price objective on Crown Castle from $111.00 to $112.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 23rd. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $113.53.

Crown Castle Price Performance

CCI traded down $1.09 during trading on Thursday, reaching $109.12. The stock had a trading volume of 2,018,609 shares, compared to its average volume of 2,733,394. The business has a 50-day moving average of $102.86 and a 200-day moving average of $102.95. Crown Castle Inc. has a one year low of $84.72 and a one year high of $119.50. The stock has a market cap of $47.42 billion, a PE ratio of 34.10 and a beta of 0.83. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43.

Crown Castle (NYSE:CCI) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s revenue was down 12.9% on a year-over-year basis. During the same period last year, the business earned $2.05 earnings per share. As a group, equities research analysts anticipate that Crown Castle Inc. will post 6.63 EPS for the current fiscal year.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.74%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is 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.