M&T Bank Corp Trims Stake in CROWN CASTLE IN/SH SH (NYSE:CCI)

M&T Bank Corp reduced its stake in shares of CROWN CASTLE IN/SH SH (NYSE:CCI) by 6.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,666 shares of the real estate investment trust’s stock after selling 11,299 shares during the quarter. M&T Bank Corp’s holdings in CROWN CASTLE IN/SH SH were worth $26,051,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its stake in shares of CROWN CASTLE IN/SH SH by 295.6% in the first quarter. Canada Pension Plan Investment Board now owns 1,252,916 shares of the real estate investment trust’s stock worth $180,921,000 after acquiring an additional 936,212 shares during the last quarter. Prudential PLC acquired a new stake in shares of CROWN CASTLE IN/SH SH in the first quarter worth approximately $84,619,000. APG Asset Management N.V. boosted its stake in shares of CROWN CASTLE IN/SH SH by 678.9% in the first quarter. APG Asset Management N.V. now owns 559,864 shares of the real estate investment trust’s stock worth $80,844,000 after acquiring an additional 487,985 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of CROWN CASTLE IN/SH SH by 6.7% in the first quarter. Deutsche Bank AG now owns 6,798,287 shares of the real estate investment trust’s stock worth $981,675,000 after acquiring an additional 424,601 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of CROWN CASTLE IN/SH SH by 20.6% in the first quarter. Swiss National Bank now owns 2,065,771 shares of the real estate investment trust’s stock worth $298,297,000 after acquiring an additional 352,700 shares during the last quarter. Institutional investors own 90.90% of the company’s stock.

CCI stock opened at $166.70 on Friday. The company has a current ratio of 1.75, a quick ratio of 0.47 and a debt-to-equity ratio of 2.71. The company has a market capitalization of $69.47 billion, a PE ratio of 92.61, a P/E/G ratio of 1.40 and a beta of 0.35. CROWN CASTLE IN/SH SH has a 12-month low of $114.18 and a 12-month high of $180.00. The business’s fifty day moving average price is $168.02 and its 200 day moving average price is $158.08.

CROWN CASTLE IN/SH SH (NYSE:CCI) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.09). The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.44 billion. CROWN CASTLE IN/SH SH had a net margin of 14.90% and a return on equity of 8.29%. CROWN CASTLE IN/SH SH’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.44 EPS. Research analysts predict that CROWN CASTLE IN/SH SH will post 5.81 EPS for the current fiscal year.

In other CROWN CASTLE IN/SH SH news, EVP Michael Joseph Kavanagh sold 5,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $153.86, for a total transaction of $769,300.00. Following the sale, the executive vice president now owns 47,767 shares in the company, valued at approximately $7,349,430.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO James D. Young sold 6,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $168.00, for a total value of $1,008,000.00. Following the sale, the chief operating officer now owns 198,679 shares in the company, valued at approximately $33,378,072. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $2,125,480 in the last quarter. Company insiders own 0.47% of the company’s stock.

A number of research firms have weighed in on CCI. Credit Suisse Group began coverage on CROWN CASTLE IN/SH SH in a research note on Tuesday, April 28th. They set a “neutral” rating and a $149.00 price objective on the stock. Oppenheimer raised CROWN CASTLE IN/SH SH from a “market perform” rating to an “outperform” rating and set a $175.00 price objective on the stock in a research note on Friday, May 22nd. Barclays began coverage on CROWN CASTLE IN/SH SH in a research note on Wednesday, July 15th. They set an “overweight” rating and a $197.00 price objective on the stock. Morgan Stanley boosted their price objective on CROWN CASTLE IN/SH SH from $177.00 to $179.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Finally, Royal Bank of Canada reissued a “buy” rating on shares of CROWN CASTLE IN/SH SH in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $168.08.

About CROWN CASTLE IN/SH SH

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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.

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Institutional Ownership by Quarter for CROWN CASTLE IN/SH SH (NYSE:CCI)

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