Boothbay Fund Management LLC Has $23.45 Million Stake in Crown Castle Inc. $CCI

Boothbay Fund Management LLC grew its position in Crown Castle Inc. (NYSE:CCI) by 127.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 243,009 shares of the real estate investment trust’s stock after acquiring an additional 136,197 shares during the period. Crown Castle accounts for 0.3% of Boothbay Fund Management LLC’s portfolio, making the stock its 19th largest holding. Boothbay Fund Management LLC owned about 0.06% of Crown Castle worth $23,448,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CCI. Norges Bank acquired a new position in Crown Castle in the second quarter worth $629,431,000. Lazard Asset Management LLC increased its stake in shares of Crown Castle by 3,051.5% in the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after buying an additional 5,299,155 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Crown Castle by 591.8% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,471,120 shares of the real estate investment trust’s stock valued at $431,418,000 after buying an additional 3,824,778 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Crown Castle by 33.2% in the third quarter. Invesco Ltd. now owns 6,437,685 shares of the real estate investment trust’s stock valued at $621,172,000 after buying an additional 1,605,291 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new position in Crown Castle during the 3rd quarter worth about $121,726,000. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $87.44 on Friday. The firm has a fifty day moving average of $87.23 and a two-hundred day moving average of $90.86. The stock has a market capitalization of $38.13 billion, a price-to-earnings ratio of 86.57, a PEG ratio of 0.44 and a beta of 0.96. Crown Castle Inc. has a 52 week low of $77.01 and a 52 week high of $115.76.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $1.0625 per share. The ex-dividend date is Friday, March 13th. This represents a $4.25 dividend on an annualized basis and a yield of 4.9%. Crown Castle’s dividend payout ratio (DPR) is 420.79%.

Analysts Set New Price Targets

A number of brokerages have commented on CCI. Raymond James Financial decreased their price objective on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. The Goldman Sachs Group dropped their target price on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Weiss Ratings raised shares of Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research note on Tuesday, February 24th. Barclays lowered their price target on shares of Crown Castle from $101.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, February 17th. Finally, New Street Research cut shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective for the company. in a research report on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Crown Castle has an average rating of “Moderate Buy” and an average price target of $100.13.

Insider Activity

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the transaction, the executive vice president directly owned 25,183 shares in the company, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert Sean Collins sold 3,000 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the completion of the sale, the vice president directly owned 5,800 shares of the company’s stock, valued at approximately $507,442. This trade represents a 34.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.10% of the stock is currently owned by insiders.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.