1832 Asset Management L.P. Has $86.66 Million Position in Crown Castle Inc. (NYSE:CCI)

1832 Asset Management L.P. boosted its stake in shares of Crown Castle Inc. (NYSE:CCI) by 51.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 818,811 shares of the real estate investment trust’s stock after buying an additional 279,508 shares during the quarter. 1832 Asset Management L.P.’s holdings in Crown Castle were worth $86,655,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in shares of Crown Castle by 16.2% in the 4th 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 purchasing an additional 632,398 shares during the period. Court Place Advisors LLC acquired a new position in shares of Crown Castle in the 4th quarter valued at about $201,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Crown Castle by 0.9% in the 1st 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 purchasing an additional 8,136 shares during the period. Global Assets Advisory LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at about $4,425,000. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of Crown Castle by 30.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock valued at $3,789,000 after purchasing an additional 8,346 shares during the period. 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 company’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 value of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.39% of the stock is currently owned by corporate insiders.

Crown Castle Stock Up 1.9 %

CCI traded up $1.99 during midday trading on Friday, reaching $107.52. 1,631,832 shares of the company were exchanged, compared to its average volume of 2,465,425. The company has a market cap of $46.72 billion, a price-to-earnings ratio of 33.60, a price-to-earnings-growth ratio of 2.79 and a beta of 0.83. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.42 and a current ratio of 0.43. The company’s fifty day moving average price is $99.92 and its 200 day moving average price is $102.81. Crown Castle Inc. has a one year low of $84.72 and a one year high of $119.50.

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

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 5.82%. The ex-dividend date was Friday, June 14th. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CCI. Wells Fargo & Company dropped their price objective on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday. Raymond James reaffirmed an “outperform” rating and issued a $126.00 target price (up from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Deutsche Bank Aktiengesellschaft boosted their target price on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, The Goldman Sachs Group assumed coverage on Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price for the company. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $114.88.

About Crown Castle

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.