Magellan Asset Management Ltd Sells 61,062 Shares of Crown Castle Inc. (NYSE:CCI)

Magellan Asset Management Ltd lowered its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,622,339 shares of the real estate investment trust’s stock after selling 61,062 shares during the quarter. Crown Castle accounts for 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 29th biggest holding. Magellan Asset Management Ltd owned about 0.37% of Crown Castle worth $147,243,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CCI. Vanguard Group Inc. boosted its holdings in shares of Crown Castle by 10.5% in the 4th quarter. Vanguard Group Inc. now owns 62,499,455 shares of the real estate investment trust’s stock valued at $5,672,451,000 after buying an additional 5,934,615 shares in the last quarter. State Street Corp raised its holdings in shares of Crown Castle by 3.7% in the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock worth $2,476,470,000 after buying an additional 747,390 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Crown Castle by 18.9% during the fourth quarter. Wellington Management Group LLP now owns 20,849,846 shares of the real estate investment trust’s stock worth $1,892,332,000 after buying an additional 3,321,249 shares during the period. Geode Capital Management LLC boosted its position in Crown Castle by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 12,333,158 shares of the real estate investment trust’s stock valued at $1,119,225,000 after buying an additional 228,007 shares during the last quarter. Finally, Norges Bank acquired a new position in Crown Castle during the fourth quarter valued at $561,714,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CCI shares. Citizens Jmp upgraded Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. Citigroup increased their target price on Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. BMO Capital Markets reiterated a “market perform” rating on shares of Crown Castle in a research note on Tuesday, March 25th. JPMorgan Chase & Co. dropped their price target on shares of Crown Castle from $121.00 to $115.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Moffett Nathanson reduced their target price on shares of Crown Castle from $127.00 to $105.00 in a report on Thursday, January 23rd. Eleven analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $110.00.

Crown Castle Trading Down 0.8 %

Shares of Crown Castle stock opened at $103.82 on Thursday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The stock has a market capitalization of $45.21 billion, a PE ratio of 36.82 and a beta of 0.89. The stock has a 50 day moving average price of $95.06 and a two-hundred day moving average price of $100.33.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 6.03%. The ex-dividend date was Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is currently -69.71%.

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.