Stock Traders Buy High Volume of Put Options on Crown Castle (NYSE:CCI)

Crown Castle Inc. (NYSE:CCI) was the recipient of unusually large options trading activity on Wednesday. Traders bought 12,895 put options on the stock. This is an increase of 386% compared to the typical daily volume of 2,653 put options.

Crown Castle Price Performance

Shares of NYSE CCI traded down $1.92 during midday trading on Wednesday, reaching $118.02. 432,411 shares of the company traded hands, compared to its average volume of 2,655,669. The stock’s 50-day simple moving average is $108.39 and its 200-day simple moving average is $103.52. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. Crown Castle has a 12 month low of $84.72 and a 12 month high of $120.11. The firm has a market cap of $51.29 billion, a PE ratio of 37.49 and a beta of 0.85.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm earned $2.05 earnings per share. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Crown Castle will post 6.64 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 5.30%. The ex-dividend date is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

Analysts Set New Price Targets

A number of research firms have weighed in on CCI. Bank of America boosted their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. BMO Capital Markets increased their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note 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. Royal Bank of Canada boosted their target price on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $113.53.

Insiders Place Their Bets

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’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 directly owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.39% of the company’s stock.

Institutional Trading of Crown Castle

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ables Iannone Moore & Associates Inc. bought a new position in Crown Castle in the 4th quarter worth approximately $25,000. EntryPoint Capital LLC bought a new stake in shares of Crown Castle during the first quarter worth $27,000. Asset Dedication LLC lifted its stake in shares of Crown Castle by 159.0% during the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 167 shares during the period. Richardson Financial Services Inc. bought a new position in Crown Castle in the fourth quarter valued at about $30,000. Finally, Beacon Capital Management LLC raised its holdings in Crown Castle by 163.9% during the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 177 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.