Entropy Technologies LP Cuts Stock Holdings in Crown Castle Inc. $CCI

Entropy Technologies LP cut its stake in shares of Crown Castle Inc. (NYSE:CCI) by 86.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,405 shares of the real estate investment trust’s stock after selling 53,842 shares during the period. Entropy Technologies LP’s holdings in Crown Castle were worth $683,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sustainable Insight Capital Management LLC increased its stake in Crown Castle by 306.5% during the first quarter. Sustainable Insight Capital Management LLC now owns 9,682 shares of the real estate investment trust’s stock worth $787,000 after acquiring an additional 7,300 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Crown Castle by 113.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 226,237 shares of the real estate investment trust’s stock worth $18,395,000 after purchasing an additional 120,022 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Crown Castle by 51.5% during the 1st quarter. Renaissance Technologies LLC now owns 856,237 shares of the real estate investment trust’s stock worth $69,621,000 after purchasing an additional 290,959 shares during the period. Gabelli Funds LLC increased its position in Crown Castle by 2.3% during the 1st quarter. Gabelli Funds LLC now owns 36,105 shares of the real estate investment trust’s stock worth $2,936,000 after purchasing an additional 800 shares in the last quarter. Finally, Morningstar Investment Management LLC increased its position in Crown Castle by 8.0% during the 1st quarter. Morningstar Investment Management LLC now owns 53,402 shares of the real estate investment trust’s stock worth $4,342,000 after purchasing an additional 3,944 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on CCI shares. Weiss Ratings restated a “hold (c-)” rating on shares of Crown Castle in a report on Friday, May 22nd. Scotiabank dropped their price objective on shares of Crown Castle from $94.00 to $91.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 7th. Wolfe Research downgraded shares of Crown Castle from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, May 20th. Wall Street Zen raised shares of Crown Castle from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Royal Bank Of Canada reduced their target price on shares of Crown Castle from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.13.

Crown Castle Stock Up 4.4%

NYSE CCI opened at $79.11 on Thursday. Crown Castle Inc. has a fifty-two week low of $73.52 and a fifty-two week high of $112.75. The business has a 50 day moving average price of $83.46 and a two-hundred day moving average price of $85.53. The stock has a market cap of $34.53 billion, a PE ratio of 40.16, a P/E/G ratio of 0.40 and a beta of 0.95.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Monday, June 15th. Crown Castle’s payout ratio is presently 215.74%.

About Crown Castle

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.