Intact Investment Management Inc. Has $9.33 Million Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Intact Investment Management Inc. raised its stake in shares of Crown Castle Inc. (NYSE:CCI) by 251.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,500 shares of the real estate investment trust’s stock after purchasing an additional 68,300 shares during the quarter. Intact Investment Management Inc.’s holdings in Crown Castle were worth $9,330,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CCI. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Crown Castle in the 4th quarter valued at $25,000. Rational Advisors LLC bought a new position in Crown Castle during the 1st quarter valued at about $27,000. EntryPoint Capital LLC acquired a new position in Crown Castle in the first quarter valued at about $27,000. Gables Capital Management Inc. increased its holdings in shares of Crown Castle by 164.0% during the fourth quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 164 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new stake in Crown Castle during the 4th quarter valued at $30,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.39% of the company’s stock.

Crown Castle Price Performance

NYSE:CCI opened at $112.02 on Friday. The stock has a market capitalization of $48.68 billion, a PE ratio of 35.01 and a beta of 0.83. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $119.50. The firm has a fifty day simple moving average of $105.77 and a 200 day simple moving average of $103.20. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The company 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 company’s quarterly revenue was down 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 EPS. On average, research analysts expect that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.59%. Crown Castle’s dividend payout ratio is 195.63%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CCI shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Bank of America lifted their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Raymond James reaffirmed an “outperform” rating and set a $126.00 price objective (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 price target on the stock. Finally, Royal Bank of Canada boosted their price target on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Crown Castle presently has an average rating of “Hold” and an average price target of $113.53.

Crown Castle 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.