Crown Castle (NYSE:CCI) Price Target Lowered to $94.00 at Wolfe Research

Crown Castle (NYSE:CCI) had its price target cut by Wolfe Research from $114.00 to $94.00 in a research note published on Monday,MarketScreener reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other brokerages have also commented on CCI. BMO Capital Markets decreased their price target on Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. UBS Group decreased their price target on Crown Castle from $116.00 to $105.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Wall Street Zen raised Crown Castle from a “sell” rating to a “hold” rating in a research note on Saturday, March 14th. KeyCorp decreased their price target on Crown Castle from $115.00 to $98.00 and set an “overweight” rating on the stock in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. decreased their price target on Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.28.

Crown Castle Stock Performance

NYSE CCI opened at $85.02 on Monday. The stock’s fifty day moving average is $85.70 and its two-hundred day moving average is $89.31. The firm has a market capitalization of $37.07 billion, a P/E ratio of 84.29, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. Crown Castle has a fifty-two week low of $75.96 and a fifty-two week high of $115.76.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 5.0%. The ex-dividend date of this dividend was Friday, March 13th. Crown Castle’s dividend payout ratio is 420.79%.

Insider Activity

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

Hedge Funds Weigh In On Crown Castle

Hedge funds have recently bought and sold shares of the company. LRI Investments LLC acquired a new position in Crown Castle during the 3rd quarter worth about $29,000. Wiser Advisor Group LLC acquired a new position in Crown Castle during the 3rd quarter worth about $29,000. KERR FINANCIAL PLANNING Corp acquired a new position in Crown Castle during the 3rd quarter worth about $31,000. Triumph Capital Management acquired a new position in Crown Castle during the 3rd quarter worth about $31,000. Finally, Salomon & Ludwin LLC lifted its stake in Crown Castle by 128.7% during the 4th quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 215 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.