QRG Capital Management Inc. Has $2.58 Million Holdings in Crown Castle Inc. (NYSE:CCI)

QRG Capital Management Inc. grew its position in shares of Crown Castle Inc. (NYSE:CCI) by 102.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,453 shares of the real estate investment trust’s stock after acquiring an additional 13,361 shares during the quarter. QRG Capital Management Inc.’s holdings in Crown Castle were worth $2,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Crown Castle during the fourth quarter valued at approximately $25,000. Rational Advisors LLC bought a new stake in shares of Crown Castle during the first quarter valued at approximately $27,000. EntryPoint Capital LLC bought a new stake in shares of Crown Castle during the first quarter valued at approximately $27,000. Gables Capital Management Inc. increased its holdings in shares of Crown Castle by 164.0% during the fourth quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 164 shares in the last quarter. Finally, Richardson Financial Services Inc. bought a new stake in shares of Crown Castle during the fourth quarter valued at approximately $30,000. Institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company decreased their price target on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. BMO Capital Markets upped their price target on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. The Goldman Sachs Group assumed coverage on Crown Castle in a report on Monday, July 1st. They set a “neutral” rating and a $104.00 price target for the company. Jefferies Financial Group decreased their price target on Crown Castle from $126.00 to $123.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $113.20.

Crown Castle Stock Performance

Shares of NYSE CCI traded down $0.26 during trading on Friday, reaching $110.64. 2,017,668 shares of the stock traded hands, compared to its average volume of 2,753,921. Crown Castle Inc. has a 52-week low of $84.72 and a 52-week high of $119.50. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The company has a 50-day moving average of $102.27 and a 200-day moving average of $102.87. The stock has a market capitalization of $48.08 billion, a P/E ratio of 34.58 and a beta of 0.83.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 EPS. Analysts forecast that Crown Castle Inc. will post 6.63 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.66%. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

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.