Crown Castle Inc. (NYSE:CCI) Shares Sold by CNB Bank

CNB Bank lessened its position in shares of Crown Castle Inc. (NYSE:CCI) by 21.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,876 shares of the real estate investment trust’s stock after selling 1,074 shares during the quarter. CNB Bank’s holdings in Crown Castle were worth $460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in Crown Castle during the first quarter worth about $27,000. Asset Dedication LLC raised its position in shares of Crown Castle by 159.0% during the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 167 shares during the last quarter. Beacon Capital Management LLC lifted its stake in Crown Castle by 163.9% in the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 177 shares in the last quarter. ORG Partners LLC acquired a new stake in Crown Castle during the 2nd quarter valued at $34,000. Finally, New Millennium Group LLC purchased a new position in Crown Castle during the second quarter worth $34,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI stock opened at $112.38 on Friday. The company has a market cap of $48.83 billion, a PE ratio of 35.12 and a beta of 0.85. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock has a 50-day moving average price of $114.03 and a two-hundred day moving average price of $105.12. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92.

Crown Castle (NYSE:CCI) last issued its 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). Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the firm posted $1.77 EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, research analysts predict that Crown Castle Inc. will post 6.65 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio is presently 195.63%.

Insider Activity at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group increased their price objective on Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday. Barclays raised their price target on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. BMO Capital Markets boosted their price objective on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Bank of America raised 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. Finally, TD Cowen cut their price target on Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a report on Thursday. Twelve investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle currently has a consensus rating of “Hold” and an average target price of $116.47.

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.