Crown Castle Inc. (NYSE:CCI) Shares Acquired by MainStreet Investment Advisors LLC

MainStreet Investment Advisors LLC increased its position in shares of Crown Castle Inc. (NYSE:CCI) by 17.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,921 shares of the real estate investment trust’s stock after purchasing an additional 3,853 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Crown Castle were worth $2,532,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Crown Castle by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 56,609,569 shares of the real estate investment trust’s stock worth $5,990,991,000 after buying an additional 673,243 shares during the last quarter. Cohen & Steers Inc. raised its stake in Crown Castle by 7.9% during the fourth quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock worth $1,310,559,000 after acquiring an additional 834,198 shares during the period. Wellington Management Group LLP lifted its holdings in Crown Castle by 11.1% in the fourth quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after acquiring an additional 1,126,394 shares during the last quarter. Norges Bank acquired a new position in Crown Castle in the fourth quarter valued at approximately $581,503,000. Finally, Fisher Asset Management LLC grew its holdings in shares of 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 purchasing an additional 632,398 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CCI shares. BMO Capital Markets boosted their price objective on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. The Goldman Sachs Group began coverage on Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised their price target on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Royal Bank of Canada upped their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Finally, Bank of America boosted their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Crown Castle presently has a consensus rating of “Hold” and an average target price of $113.53.

Crown Castle Stock Performance

Shares of CCI opened at $116.12 on Friday. The company has a 50-day moving average of $107.47 and a two-hundred day moving average of $103.40. The stock has a market cap of $50.46 billion, a price-to-earnings ratio of 36.29 and a beta of 0.85. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. Crown Castle Inc. has a one year low of $84.72 and a one year high of $119.50.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data 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. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company’s revenue was down 12.9% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. On average, equities research analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.39%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

Insider Activity at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.39% of the stock is currently owned by insiders.

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.