Marcum Wealth LLC Purchases New Stake in Crown Castle Inc. (NYSE:CCI)

Marcum Wealth LLC purchased a new stake in Crown Castle Inc. (NYSE:CCI) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,844 shares of the real estate investment trust’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CCI. GSA Capital Partners LLP acquired a new stake in shares of Crown Castle in the fourth quarter valued at approximately $2,753,000. Hobbs Group Advisors LLC purchased a new position in shares of Crown Castle during the fourth quarter worth $488,000. FIL Ltd boosted its holdings in Crown Castle by 1.4% in the fourth quarter. FIL Ltd now owns 3,528,899 shares of the real estate investment trust’s stock valued at $406,494,000 after purchasing an additional 48,892 shares during the period. Quarry LP boosted its holdings in Crown Castle by 111.5% in the fourth quarter. Quarry LP now owns 459 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 242 shares during the period. Finally, V Square Quantitative Management LLC boosted its holdings in Crown Castle by 39.3% in the fourth quarter. V Square Quantitative Management LLC now owns 6,790 shares of the real estate investment trust’s stock valued at $782,000 after purchasing an additional 1,915 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

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 transaction 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 $7,792,172.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CCI shares. TD Cowen lifted their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. BMO Capital Markets lifted 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. Barclays lifted their price target on Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday. Bank of America lifted their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada lifted their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $115.67.

Crown Castle Price Performance

CCI stock opened at $110.83 on Friday. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $120.92. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. The stock’s 50 day moving average price is $113.84 and its 200 day moving average price is $104.80. The firm has a market cap of $48.16 billion, a P/E ratio of 34.63 and a beta of 0.85.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. Crown Castle’s revenue was down 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.05 EPS. On average, sell-side analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.65%. Crown Castle’s payout ratio is 195.63%.

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.