TD Waterhouse Canada Inc. Reduces Holdings in Crown Castle Inc. $CCI

TD Waterhouse Canada Inc. trimmed its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 89.2% in the second quarter, HoldingsChannel reports. The firm owned 5,407 shares of the real estate investment trust’s stock after selling 44,818 shares during the period. TD Waterhouse Canada Inc.’s holdings in Crown Castle were worth $414,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Crown Castle during the 4th quarter worth $594,670,000. Lazard Asset Management LLC grew its position in shares of Crown Castle by 124.2% in the fourth quarter. Lazard Asset Management LLC now owns 11,635,117 shares of the real estate investment trust’s stock valued at $1,034,013,000 after purchasing an additional 6,445,237 shares during the period. Cohen & Steers Inc. increased its stake in Crown Castle by 11.0% in the fourth quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust’s stock valued at $3,536,214,000 after purchasing an additional 3,953,685 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Crown Castle by 591.8% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,471,120 shares of the real estate investment trust’s stock valued at $431,418,000 after purchasing an additional 3,824,778 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Crown Castle by 422.5% during the fourth quarter. Principal Financial Group Inc. now owns 3,581,154 shares of the real estate investment trust’s stock worth $318,258,000 after buying an additional 2,895,756 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Price Performance

Shares of NYSE CCI opened at $75.75 on Friday. Crown Castle Inc. has a 1-year low of $69.72 and a 1-year high of $104.61. The business has a 50-day moving average of $79.98 and a 200-day moving average of $84.58. The company has a market capitalization of $32.23 billion, a price-to-earnings ratio of 38.45, a PEG ratio of 0.39 and a beta of 0.95.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $1.0625 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. Crown Castle’s payout ratio is currently 215.74%.

Insiders Place Their Bets

In related news, VP Robert Sean Collins sold 1,500 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $75.89, for a total value of $113,835.00. Following the transaction, the vice president owned 5,113 shares in the company, valued at approximately $388,025.57. The trade was a 22.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. KeyCorp boosted their price objective on shares of Crown Castle from $98.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. cut their target price on Crown Castle from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, July 23rd. Jefferies Financial Group reduced their target price on Crown Castle from $88.00 to $82.00 and set a “hold” rating on the stock in a report on Wednesday, July 15th. TD Cowen lowered their price target on Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, Raymond James Financial upped their price target on Crown Castle from $102.00 to $108.00 and gave the stock a “strong-buy” rating in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.13.

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.