Crown Castle (NYSE:CCI) Reaches New 12-Month High at $120.32

Crown Castle Inc. (NYSE:CCI)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $120.32 and last traded at $120.21, with a volume of 505184 shares trading hands. The stock had previously closed at $118.85.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CCI shares. Royal Bank of Canada raised their price target on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. TD Cowen lifted their target price on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Raymond James reaffirmed an “outperform” rating and set a $126.00 price objective (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Finally, BMO Capital Markets increased their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Crown Castle has an average rating of “Hold” and an average price target of $113.53.

Crown Castle Stock Up 1.4 %

The stock’s fifty day moving average is $109.77 and its 200 day moving average is $103.78. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The company has a market capitalization of $52.36 billion, a P/E ratio of 37.68 and a beta of 0.85.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the business posted $2.05 EPS. The firm’s revenue was down 12.9% compared to the same quarter last year. Research analysts predict that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $1.565 per share. The ex-dividend date is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.20%. Crown Castle’s dividend payout ratio is currently 195.63%.

Insider Buying and Selling at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the transaction, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.39% of the company’s stock.

Institutional Trading of Crown Castle

Hedge funds and other institutional investors have recently modified their holdings of the business. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Crown Castle in the 4th quarter worth about $25,000. EntryPoint Capital LLC purchased a new stake in shares of Crown Castle in the 1st quarter worth about $27,000. Richardson Financial Services Inc. purchased a new stake in shares of Crown Castle in the 4th quarter worth about $30,000. Asset Dedication LLC grew its position in shares of Crown Castle by 159.0% in the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 167 shares during the period. Finally, Beacon Capital Management LLC grew its position in shares of Crown Castle by 163.9% in the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 177 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Crown Castle Company Profile

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.