Zacks Investment Research upgraded shares of Crown Castle International Corporation (NYSE:CCI) from a hold rating to a strong-buy rating in a report published on Wednesday. The firm currently has $120.00 price target on the real estate investment trust’s stock.
According to Zacks, “Crown Castle’s extensive tower portfolio, increased demand for infrastructure, healthy leasing activity, continual buyout of towers and growing demand for mobile broadband act as major positives. Buyout of Wilcon Holdings will enable Crown Castle attain ownership over 28,000 route miles of fiber. Moreover, Crown Castle acquired 9,700 wireless towers from AT&T and 7,200 from T-Mobile US. The deployment of 5G network should drive growth on the company’s tower and small cell assets as the wireless carriers look to expand and enhance their networks. Over the past three months, the stock price gained 2.7% as against the industry’s gain of 0.1%. However, the company continues to face headwinds like high customer concentration, and consolidated wireless industry, which is likely to affect the company's top line. Evolution of new technologies may reduce the demand for site leases and the expenses related, also raises concern.”
Other equities analysts have also issued reports about the company. Bank of America Corporation upped their target price on Crown Castle International Corporation from $107.00 to $114.00 and gave the company a buy rating in a research report on Friday, September 8th. Royal Bank Of Canada reaffirmed a buy rating and issued a $107.00 target price on shares of Crown Castle International Corporation in a research report on Tuesday, August 29th. BidaskClub lowered Crown Castle International Corporation from a strong-buy rating to a buy rating in a research report on Saturday, June 10th. Deutsche Bank AG upped their target price on Crown Castle International Corporation from $108.00 to $117.00 and gave the company a buy rating in a research report on Friday, June 9th. Finally, Macquarie reaffirmed a buy rating and issued a $107.00 target price on shares of Crown Castle International Corporation in a research report on Wednesday, July 19th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Crown Castle International Corporation presently has a consensus rating of Buy and a consensus target price of $107.50.
Crown Castle International Corporation (CCI) opened at 100.60 on Wednesday. The firm has a 50-day moving average of $104.44 and a 200 day moving average of $99.02. Crown Castle International Corporation has a 52 week low of $79.38 and a 52 week high of $108.88. The stock has a market capitalization of $40.87 billion, a price-to-earnings ratio of 80.29 and a beta of 0.18.
Crown Castle International Corporation (NYSE:CCI) last announced its earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.03. Crown Castle International Corporation had a return on equity of 6.21% and a net margin of 11.14%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company posted $1.05 EPS. Crown Castle International Corporation’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts anticipate that Crown Castle International Corporation will post $1.16 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 14th. Crown Castle International Corporation’s dividend payout ratio is currently 304.00%.
In other news, Director J Landis Martin purchased 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were acquired at an average cost of $100.64 per share, with a total value of $3,019,200.00. Following the transaction, the director now owns 99,335 shares in the company, valued at approximately $9,997,074.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC bought a new position in Crown Castle International Corporation during the 1st quarter worth $22,133,000. State of Wisconsin Investment Board grew its stake in Crown Castle International Corporation by 16.8% during the 1st quarter. State of Wisconsin Investment Board now owns 357,643 shares of the real estate investment trust’s stock worth $33,779,000 after buying an additional 51,450 shares during the last quarter. Cowen Prime Services LLC grew its stake in Crown Castle International Corporation by 15.2% during the 1st quarter. Cowen Prime Services LLC now owns 39,215 shares of the real estate investment trust’s stock worth $3,704,000 after buying an additional 5,165 shares during the last quarter. Ffcm LLC grew its stake in Crown Castle International Corporation by 6.0% during the 1st quarter. Ffcm LLC now owns 43,505 shares of the real estate investment trust’s stock worth $4,109,000 after buying an additional 2,475 shares during the last quarter. Finally, Sprott Inc. grew its stake in Crown Castle International Corporation by 52.6% during the 1st quarter. Sprott Inc. now owns 13,130 shares of the real estate investment trust’s stock worth $1,240,000 after buying an additional 4,525 shares during the last quarter. 82.90% of the stock is currently owned by institutional investors and hedge funds.
About Crown Castle International Corporation
Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).
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