Legacy Wealth Asset Management LLC Reduces Position in Crown Castle Inc. (NYSE:CCI)

Legacy Wealth Asset Management LLC trimmed its holdings in Crown Castle Inc. (NYSE:CCI) by 8.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,138 shares of the real estate investment trust’s stock after selling 932 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Crown Castle were worth $920,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Nordea Investment Management AB increased its holdings in shares of Crown Castle by 29.4% in the fourth quarter. Nordea Investment Management AB now owns 1,243,722 shares of the real estate investment trust’s stock valued at $113,465,000 after purchasing an additional 282,821 shares during the last quarter. Van ECK Associates Corp grew its holdings in Crown Castle by 24.7% in the 3rd quarter. Van ECK Associates Corp now owns 157,895 shares of the real estate investment trust’s stock valued at $17,476,000 after buying an additional 31,319 shares in the last quarter. Oak Thistle LLC purchased a new stake in Crown Castle in the 4th quarter valued at $1,231,000. Fisher Asset Management LLC increased its stake in shares of Crown Castle by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 5,088,017 shares of the real estate investment trust’s stock worth $603,592,000 after acquiring an additional 203,442 shares during the last quarter. Finally, Citizens Business Bank purchased a new position in shares of Crown Castle during the 3rd quarter worth $620,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Citigroup set a $128.00 price objective on shares of Crown Castle in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Jefferies Financial Group lowered shares of Crown Castle from a “buy” rating to a “hold” rating and reduced their price target for the company from $127.00 to $84.00 in a research report on Thursday, January 2nd. The Goldman Sachs Group increased their price objective on Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada lifted their target price on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $113.00.

Crown Castle Price Performance

CCI stock opened at $90.67 on Friday. The business’s fifty day moving average price is $97.23 and its 200 day moving average price is $105.67. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. The company has a market capitalization of $39.40 billion, a PE ratio of 32.15 and a beta of 0.87.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company earned $1.77 earnings per share. On average, sell-side analysts anticipate that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.90%. The ex-dividend date of this dividend was Friday, December 13th. Crown Castle’s payout ratio is currently 221.99%.

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.