iA Global Asset Management Inc. Boosts Stock Position in Crown Castle Inc. (NYSE:CCI)

iA Global Asset Management Inc. raised its stake in Crown Castle Inc. (NYSE:CCI) by 519.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,355 shares of the real estate investment trust’s stock after buying an additional 10,359 shares during the period. iA Global Asset Management Inc.’s holdings in Crown Castle were worth $1,308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Valley National Advisers Inc. increased its holdings in Crown Castle by 51.1% during the 4th quarter. Valley National Advisers Inc. now owns 287 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 97 shares during the period. Pinnacle Bancorp Inc. lifted its position in shares of Crown Castle by 17.3% during the fourth quarter. Pinnacle Bancorp Inc. now owns 677 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 100 shares during the last quarter. Waterfront Wealth Inc. boosted its holdings in shares of Crown Castle by 1.9% in the 4th quarter. Waterfront Wealth Inc. now owns 5,515 shares of the real estate investment trust’s stock valued at $635,000 after buying an additional 101 shares in the last quarter. Gilbert & Cook Inc. grew its position in shares of Crown Castle by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after buying an additional 110 shares during the last quarter. Finally, Benedict Financial Advisors Inc. raised its stake in shares of Crown Castle by 4.0% during the 1st quarter. Benedict Financial Advisors Inc. now owns 2,947 shares of the real estate investment trust’s stock worth $312,000 after acquiring an additional 113 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Price Performance

CCI traded up $2.21 during trading on Thursday, hitting $112.29. The company’s stock had a trading volume of 2,232,901 shares, compared to its average volume of 2,758,421. The firm has a market capitalization of $48.79 billion, a price-to-earnings ratio of 34.40 and a beta of 0.83. Crown Castle Inc. has a twelve month low of $84.72 and a twelve month high of $119.50. The business’s fifty day simple moving average is $100.45 and its 200 day simple moving average is $102.73. The company has a current ratio of 0.43, a quick ratio of 0.42 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.05 EPS. On average, equities research analysts forecast that Crown Castle Inc. will post 6.63 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 5.57%. The ex-dividend date of this dividend was Friday, June 14th. Crown Castle’s dividend payout ratio is presently 195.63%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Barclays lifted their price target on shares of Crown Castle from $111.00 to $112.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 23rd. TD Cowen raised their price target on Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Wells Fargo & Company cut their price objective on shares of Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Raymond James reiterated an “outperform” rating and issued a $126.00 target price (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Finally, Royal Bank of Canada upped their price target on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $114.88.

Insider Buying and Selling

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.39% of the stock is currently owned by insiders.

About Crown Castle

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.