SteelPeak Wealth LLC Decreases Stock Holdings in Crown Castle Inc. (NYSE:CCI)

SteelPeak Wealth LLC trimmed its stake in shares of Crown Castle Inc. (NYSE:CCI) by 66.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,193 shares of the real estate investment trust’s stock after selling 6,240 shares during the period. SteelPeak Wealth LLC’s holdings in Crown Castle were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC increased its holdings in Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock valued at $523,773,000 after buying an additional 632,398 shares during the last quarter. Court Place Advisors LLC purchased a new stake in Crown Castle during the fourth quarter valued at approximately $201,000. BOKF NA increased its holdings in Crown Castle by 25.6% during the first quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock valued at $417,000 after buying an additional 815 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Crown Castle by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after buying an additional 8,136 shares during the last quarter. Finally, Global Assets Advisory LLC purchased a new stake in shares of Crown Castle in the first quarter worth $4,425,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.39% of the stock is owned by corporate insiders.

Crown Castle Trading Up 0.5 %

Shares of CCI stock traded up $0.51 during trading hours on Friday, reaching $109.68. 92,249 shares of the stock were exchanged, compared to its average volume of 2,716,679. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The company’s 50-day moving average price is $102.86 and its 200-day moving average price is $102.95. The firm has a market capitalization of $47.66 billion, a price-to-earnings ratio of 34.10 and a beta of 0.83.

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

Crown Castle Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.71%. Crown Castle’s dividend payout ratio is presently 195.63%.

Analyst Ratings Changes

A number of analysts have recently issued reports on CCI shares. Bank of America increased their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday. Scotiabank reduced their price objective on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a research note on Thursday, April 18th. Royal Bank of Canada increased their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Barclays upped their target price on shares of Crown Castle from $111.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 23rd. Finally, The Goldman Sachs Group began coverage on shares of Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 target price for the company. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $113.53.

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.