Oppenheimer Asset Management Inc. Acquires 9,540 Shares of Crown Castle Inc. $CCI

Oppenheimer Asset Management Inc. lifted its holdings in Crown Castle Inc. (NYSE:CCI) by 7.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 144,237 shares of the real estate investment trust’s stock after purchasing an additional 9,540 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Crown Castle were worth $13,917,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CCI. Norges Bank acquired a new stake in Crown Castle in the 2nd quarter worth approximately $629,431,000. Lazard Asset Management LLC raised its position 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 purchasing an additional 5,299,155 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Crown Castle by 33.9% in the second quarter. JPMorgan Chase & Co. now owns 3,657,030 shares of the real estate investment trust’s stock worth $375,697,000 after buying an additional 926,721 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Crown Castle by 15,241.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 757,891 shares of the real estate investment trust’s stock worth $77,858,000 after buying an additional 752,951 shares during the period. Finally, Natixis grew its stake in Crown Castle by 142.1% in the 2nd quarter. Natixis now owns 1,141,442 shares of the real estate investment trust’s stock valued at $117,260,000 after buying an additional 670,055 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCI has been the subject of a number of research analyst reports. Barclays reissued an “equal weight” rating and set a $101.00 target price (down previously from $104.00) on shares of Crown Castle in a research report on Monday, December 1st. Scotiabank decreased their target price on Crown Castle from $96.00 to $94.00 and set a “sector perform” rating for the company in a research note on Thursday, February 5th. The Goldman Sachs Group lowered their target price on Crown Castle from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Wells Fargo & Company cut their price target on Crown Castle from $105.00 to $90.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Raymond James Financial lowered 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 research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $100.61.

Crown Castle Price Performance

Shares of CCI stock opened at $83.10 on Tuesday. The stock has a market cap of $36.19 billion, a P/E ratio of 82.28, a price-to-earnings-growth ratio of 0.41 and a beta of 0.96. Crown Castle Inc. has a one year low of $77.01 and a one year high of $115.76. The stock has a fifty day moving average price of $87.37 and a 200 day moving average price of $93.49.

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.