Crown Castle Inc. $CCI Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in shares of Crown Castle Inc. (NYSE:CCI) by 28.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,606,433 shares of the real estate investment trust’s stock after selling 5,398,432 shares during the period. Wellington Management Group LLP’s holdings in Crown Castle were worth $1,312,885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CCI. Winnow Wealth LLC acquired a new position in shares of Crown Castle in the second quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new stake in Crown Castle during the second quarter worth approximately $27,000. LRI Investments LLC purchased a new stake in Crown Castle in the 3rd quarter worth approximately $29,000. Cornerstone Planning Group LLC raised its holdings in Crown Castle by 269.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 381 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 278 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Crown Castle during the 3rd quarter worth $44,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crown Castle

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares of the company’s stock, valued at $2,174,300.22. This represents a 15.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert Sean Collins sold 3,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the sale, the vice president owned 5,800 shares in the company, valued at approximately $507,442. The trade was a 34.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.10% of the company’s stock.

Crown Castle Stock Performance

CCI opened at $87.44 on Friday. Crown Castle Inc. has a 1 year low of $77.01 and a 1 year high of $115.76. The firm has a 50 day moving average price of $87.23 and a 200 day moving average price of $90.94. The company has a market cap of $38.13 billion, a PE ratio of 86.57, a price-to-earnings-growth ratio of 0.44 and a beta of 0.96.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, March 13th. Crown Castle’s dividend payout ratio (DPR) is currently 420.79%.

Wall Street Analysts Forecast Growth

CCI has been the subject of a number of recent analyst reports. Zacks Research raised Crown Castle from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Sanford C. Bernstein started coverage on Crown Castle in a research note on Thursday, March 5th. They issued an “outperform” rating and a $102.00 price target on the stock. BMO Capital Markets dropped their price objective on shares of Crown Castle from $97.00 to $91.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. UBS Group cut their price objective on shares of Crown Castle from $116.00 to $105.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. Finally, Weiss Ratings raised shares of Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research report on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Crown Castle currently has an average rating of “Moderate Buy” and a consensus target price of $100.13.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.