Heirloom Wealth Management Sells 1,261 Shares of Crown Castle Inc. (NYSE:CCI)

Heirloom Wealth Management cut its position in Crown Castle Inc. (NYSE:CCI) by 41.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,757 shares of the real estate investment trust’s stock after selling 1,261 shares during the quarter. Heirloom Wealth Management’s holdings in Crown Castle were worth $208,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its stake in Crown Castle by 4,097.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,524,226 shares of the real estate investment trust’s stock valued at $246,617,000 after acquiring an additional 2,464,094 shares during the period. M&G Plc bought a new stake in shares of Crown Castle in the first quarter valued at approximately $221,573,000. Bank of Montreal Can lifted its stake in shares of Crown Castle by 191.7% during the 2nd quarter. Bank of Montreal Can now owns 2,032,521 shares of the real estate investment trust’s stock valued at $195,183,000 after buying an additional 1,335,644 shares in the last quarter. Cooke & Bieler LP lifted its stake in shares of Crown Castle by 95.8% during the 2nd quarter. Cooke & Bieler LP now owns 2,578,932 shares of the real estate investment trust’s stock valued at $251,962,000 after buying an additional 1,261,536 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Crown Castle by 68,262.1% in the 1st quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock worth $131,239,000 after buying an additional 1,238,274 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Trading Down 3.4 %

Shares of CCI opened at $111.75 on Friday. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $120.92. The company has a market capitalization of $48.56 billion, a P/E ratio of 40.93 and a beta of 0.85. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The firm’s 50 day simple moving average is $114.00 and its 200 day simple moving average is $105.05.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter last year, the business posted $1.77 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts forecast that Crown Castle Inc. will post 6.65 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.60%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is currently 229.30%.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the transaction, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

CCI has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price 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. JPMorgan Chase & Co. boosted their price objective on Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. BMO Capital Markets increased their price objective on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. TD Cowen reduced their target price on Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a report on Thursday. Finally, UBS Group increased their price target on shares of Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a report on Thursday. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $115.29.

Crown Castle Company Profile

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.