Norges Bank Takes $561.71 Million Position in Crown Castle Inc. (NYSE:CCI)

Norges Bank acquired a new position in shares of Crown Castle Inc. (NYSE:CCI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,189,009 shares of the real estate investment trust’s stock, valued at approximately $561,714,000. Norges Bank owned about 1.42% of Crown Castle at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Twin Tree Management LP bought a new position in shares of Crown Castle during the fourth quarter worth $25,000. FNY Investment Advisers LLC lifted its holdings in Crown Castle by 300.0% during the fourth quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 300 shares in the last quarter. Roxbury Financial LLC acquired a new position in Crown Castle in the fourth quarter valued at about $37,000. Marshall Investment Management LLC bought a new stake in shares of Crown Castle in the fourth quarter worth about $50,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of Crown Castle in the fourth quarter worth about $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CCI. KeyCorp upgraded Crown Castle from a “sector weight” rating to an “overweight” rating and set a $120.00 price objective for the company in a research report on Friday, March 14th. BMO Capital Markets reiterated a “market perform” rating on shares of Crown Castle in a report on Tuesday. Citigroup raised their price objective on shares of Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Friday, March 14th. UBS Group raised shares of Crown Castle from a “neutral” rating to a “buy” rating and set a $118.00 target price for the company in a research note on Friday, March 14th. Finally, JMP Securities began coverage on Crown Castle in a research note on Monday, January 27th. They issued an “outperform” rating and a $115.00 price target on the stock. Eleven research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $110.00.

Crown Castle Stock Up 1.0 %

NYSE:CCI opened at $103.61 on Friday. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92. The firm has a market capitalization of $45.11 billion, a price-to-earnings ratio of 36.74 and a beta of 0.89. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The stock’s 50 day moving average price is $94.20 and its two-hundred day moving average price is $100.78.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $1.565 per share. The ex-dividend date is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a yield of 6.04%. Crown Castle’s payout ratio is -69.71%.

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.