Varma Mutual Pension Insurance Co Raises Holdings in Crown Castle Inc. $CCI

Varma Mutual Pension Insurance Co raised its stake in Crown Castle Inc. (NYSE:CCI) by 8.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 96,200 shares of the real estate investment trust’s stock after acquiring an additional 7,700 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Crown Castle were worth $9,282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CCI. Foresight Group Ltd Liability Partnership grew its holdings in shares of Crown Castle by 25.8% during the 3rd quarter. Foresight Group Ltd Liability Partnership now owns 103,407 shares of the real estate investment trust’s stock worth $9,950,000 after acquiring an additional 21,194 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Crown Castle by 15.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,963 shares of the real estate investment trust’s stock worth $6,847,000 after buying an additional 9,552 shares during the period. Country Club Bank increased its stake in shares of Crown Castle by 20.1% in the 3rd quarter. Country Club Bank now owns 70,778 shares of the real estate investment trust’s stock worth $6,808,000 after acquiring an additional 11,851 shares in the last quarter. Cooke & Bieler LP increased its stake in shares of Crown Castle by 6.1% in the 3rd quarter. Cooke & Bieler LP now owns 2,419,034 shares of the real estate investment trust’s stock worth $233,413,000 after acquiring an additional 138,061 shares in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in Crown Castle during the 3rd quarter valued at about $2,578,000. Institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $90.55 on Friday. The firm has a market cap of $39.43 billion, a price-to-earnings ratio of 89.66, a price-to-earnings-growth ratio of 0.44 and a beta of 0.96. The business has a 50-day simple moving average of $87.26 and a two-hundred day simple moving average of $93.08. Crown Castle Inc. has a fifty-two week low of $77.01 and a fifty-two week high of $115.76.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. New Street Research cut shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a report on Monday, January 5th. The Goldman Sachs Group dropped 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. HSBC reduced their price target on Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a report on Thursday, February 5th. Wolfe Research cut shares of Crown Castle from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Crown Castle has a consensus rating of “Hold” and a consensus price target of $100.61.

Crown Castle Company Profile

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.