Crown Castle (NYSE:CCI) Reaches New 12-Month High at $119.98

Crown Castle Inc. (NYSE:CCI)’s share price reached a new 52-week high on Tuesday . The company traded as high as $119.98 and last traded at $119.96, with a volume of 1633540 shares changing hands. The stock had previously closed at $117.54.

Analysts Set New Price Targets

CCI has been the subject of several research reports. TD Cowen increased their price target on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Bank of America raised their price target on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada boosted 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. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $113.53.

Crown Castle Trading Down 0.9 %

The stock’s fifty day simple moving average is $108.87 and its two-hundred day simple moving average is $103.63. The firm has a market cap of $51.74 billion, a PE ratio of 37.03 and a beta of 0.85. The company has a quick ratio of 0.43, a current 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. The firm’s quarterly revenue was down 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 5.26%. The ex-dividend date is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

Insider Transactions at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 75,127 shares in the company, valued at approximately $7,792,172.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CCI. Gilbert & Cook Inc. boosted its stake in shares of Crown Castle by 3.7% during the 4th quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after purchasing an additional 110 shares during the period. Cary Street Partners Investment Advisory LLC boosted its position in shares of Crown Castle by 20.7% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,859 shares of the real estate investment trust’s stock valued at $214,000 after buying an additional 319 shares during the period. AGF Management Ltd. boosted its holdings in Crown Castle by 1.0% during the 4th quarter. AGF Management Ltd. now owns 22,293 shares of the real estate investment trust’s stock valued at $2,568,000 after acquiring an additional 221 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Crown Castle by 6.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 426,560 shares of the real estate investment trust’s stock worth $48,410,000 after buying an additional 25,347 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in Crown Castle by 0.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 244,552 shares of the real estate investment trust’s stock valued at $28,170,000 after buying an additional 1,429 shares during the period. 90.77% of the stock is currently owned by institutional investors.

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.