Crown Castle International Corporation (CCI) Downgraded by Zacks Investment Research
Crown Castle International Corporation (NYSE:CCI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday.
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 0.9% as against the industry’s loss of 2.8%. 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.”
Several other equities research analysts have also issued reports on the stock. Citigroup Inc. lifted their price target on shares of Crown Castle International Corporation from $96.00 to $108.00 and gave the company a “neutral” rating in a research note on Monday, August 28th. Macquarie reiterated a “buy” rating and issued a $107.00 price target on shares of Crown Castle International Corporation in a research note on Wednesday, July 19th. Royal Bank Of Canada restated a “buy” rating and set a $107.00 price objective on shares of Crown Castle International Corporation in a research note on Tuesday, August 29th. BidaskClub lowered shares of Crown Castle International Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Finally, Deutsche Bank AG boosted their price objective on shares of Crown Castle International Corporation from $108.00 to $117.00 and gave the stock a “buy” rating in a research note on Friday, June 9th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $107.50.
Crown Castle International Corporation (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. Crown Castle International Corporation had a net margin of 11.14% and a return on equity of 6.21%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $1.05 EPS. The company’s revenue was up 7.9% compared to the same quarter last year.
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In related news, Director J Landis Martin purchased 30,000 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were acquired at an average price of $100.64 per share, for a total transaction of $3,019,200.00. Following the purchase, the director now owns 99,335 shares in the company, valued at $9,997,074.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CCI. BlackRock Inc. grew its stake in Crown Castle International Corporation by 2,213.6% in the 1st quarter. BlackRock Inc. now owns 23,279,013 shares of the real estate investment trust’s stock valued at $2,198,702,000 after buying an additional 22,272,827 shares during the last quarter. Jennison Associates LLC grew its stake in Crown Castle International Corporation by 762.8% in the 2nd quarter. Jennison Associates LLC now owns 7,806,109 shares of the real estate investment trust’s stock valued at $782,016,000 after buying an additional 6,901,353 shares during the last quarter. Janus Henderson Group PLC grew its stake in Crown Castle International Corporation by 2,414.4% in the 2nd quarter. Janus Henderson Group PLC now owns 5,554,608 shares of the real estate investment trust’s stock valued at $556,464,000 after buying an additional 5,333,700 shares during the last quarter. Capital World Investors grew its stake in Crown Castle International Corporation by 12.6% in the 2nd quarter. Capital World Investors now owns 23,132,825 shares of the real estate investment trust’s stock valued at $2,317,446,000 after buying an additional 2,584,490 shares during the last quarter. Finally, PointState Capital LP acquired a new position in Crown Castle International Corporation in the 2nd quarter valued at about $188,265,000. Institutional investors and hedge funds own 82.90% of the company’s stock.
Crown Castle International Corporation Company Profile
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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