Parsons Capital Management Inc. RI Sells 229 Shares of Crown Castle Inc. (NYSE:CCI)

Parsons Capital Management Inc. RI lowered its stake in Crown Castle Inc. (NYSE:CCI) by 8.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,599 shares of the real estate investment trust’s stock after selling 229 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Crown Castle were worth $236,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Catalyst Capital Advisors LLC purchased a new position in shares of Crown Castle in the third quarter worth $25,000. Rosenberg Matthew Hamilton grew its holdings in Crown Castle by 107.9% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 136 shares during the last quarter. FNY Investment Advisers LLC increased its position in shares of Crown Castle by 300.0% in the fourth quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of Crown Castle during the third quarter valued at about $47,000. Finally, Friedenthal Financial purchased a new stake in shares of Crown Castle during the third quarter worth about $50,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Performance

Crown Castle stock opened at $89.63 on Wednesday. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. The company has a market capitalization of $38.95 billion, a P/E ratio of 31.78 and a beta of 0.87. The stock’s 50 day moving average is $95.04 and its 200 day moving average is $105.34.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $1.565 per share. The ex-dividend date was Friday, December 13th. This represents a $6.26 annualized dividend and a dividend yield of 6.98%. Crown Castle’s payout ratio is presently 221.99%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citizens Jmp raised Crown Castle to a “strong-buy” rating in a research report on Monday. Wells Fargo & Company decreased their target price on Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a report on Thursday, January 23rd. UBS Group raised their price target on Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Jefferies Financial Group downgraded shares of Crown Castle from a “buy” rating to a “hold” rating and reduced their price objective for the company from $127.00 to $84.00 in a research report on Thursday, January 2nd. Finally, Moffett Nathanson dropped their target price on shares of Crown Castle from $127.00 to $105.00 in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $110.13.

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.