Meridian Wealth Management LLC Sells 1,064 Shares of Crown Castle Inc. (NYSE:CCI)

Meridian Wealth Management LLC reduced its stake in Crown Castle Inc. (NYSE:CCI) by 31.8% during the third quarter, according to its most recent filing with the SEC. The fund owned 2,282 shares of the real estate investment trust’s stock after selling 1,064 shares during the quarter. Meridian Wealth Management LLC’s holdings in Crown Castle were worth $271,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC purchased a new position in Crown Castle in the third quarter valued at about $25,000. EntryPoint Capital LLC purchased a new position in Crown Castle in the first quarter valued at approximately $27,000. Asset Dedication LLC lifted its stake in Crown Castle by 159.0% in the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 167 shares during the last quarter. Beacon Capital Management LLC grew its holdings in Crown Castle by 163.9% during the first quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 177 shares during the period. Finally, Rosenberg Matthew Hamilton increased its position in Crown Castle by 107.9% in the third quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 136 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CCI. TD Cowen cut their price target on Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Barclays lifted their target price on shares of Crown Castle from $116.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Bank of America upped their price target on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Citigroup set a $128.00 price objective on shares of Crown Castle in a research note on Thursday, October 17th. Finally, Royal Bank of Canada lifted their target price on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $116.87.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $106.08 on Tuesday. The firm has a market capitalization of $46.10 billion, a PE ratio of 37.62 and a beta of 0.86. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a 12 month low of $92.48 and a 12 month high of $120.92. The business’s 50-day moving average price is $110.32 and its 200-day moving average price is $106.94.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the business earned $1.77 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. Sell-side analysts forecast that Crown Castle Inc. will post 6.66 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $1.565 per share. The ex-dividend date is Friday, December 13th. This represents a $6.26 annualized dividend and a yield of 5.90%. Crown Castle’s payout ratio is 221.99%.

Crown Castle 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.