Crown Castle Inc. $CCI Stake Trimmed by ProShare Advisors LLC

ProShare Advisors LLC cut its stake in Crown Castle Inc. (NYSE:CCI) by 5.3% in the third quarter, HoldingsChannel reports. The fund owned 115,908 shares of the real estate investment trust’s stock after selling 6,494 shares during the period. ProShare Advisors LLC’s holdings in Crown Castle were worth $7,725,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CCI. Vise Technologies Inc. grew its position in Crown Castle by 66.1% during the third quarter. Vise Technologies Inc. now owns 4,720 shares of the real estate investment trust’s stock valued at $315,000 after buying an additional 1,879 shares during the period. Cidel Asset Management Inc. boosted its stake in shares of Crown Castle by 12.7% during the 3rd quarter. Cidel Asset Management Inc. now owns 3,973 shares of the real estate investment trust’s stock worth $265,000 after acquiring an additional 448 shares in the last quarter. Gilliland Jeter Wealth Management LLC boosted its stake in shares of Crown Castle by 5.1% during the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 7,454 shares of the real estate investment trust’s stock worth $497,000 after acquiring an additional 364 shares in the last quarter. Glenview Trust Co grew its position in shares of Crown Castle by 13.1% during the 3rd quarter. Glenview Trust Co now owns 4,416 shares of the real estate investment trust’s stock valued at $294,000 after acquiring an additional 513 shares during the period. Finally, Parcion Private Wealth LLC acquired a new stake in shares of Crown Castle during the 3rd quarter valued at about $211,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CCI has been the subject of several recent analyst reports. Truist Financial cut their price target on Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research note on Tuesday, July 28th. Morgan Stanley set a $85.00 price target on Crown Castle in a research report on Monday, September 21st. Citizens Jmp dropped their price objective on Crown Castle from $125.00 to $120.00 and set a “market outperform” rating on the stock in a report on Friday, July 24th. TD Cowen boosted their price objective on Crown Castle from $92.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. Finally, BMO Capital Markets reduced their target price on Crown Castle to $93.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.27.

Insider Activity at Crown Castle

In other Crown Castle news, VP Robert Collins sold 1,500 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the transaction, the vice president owned 5,113 shares of the company’s stock, valued at $388,025.57. This represents a 22.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by insiders.

Crown Castle Stock Up 6.5%

Shares of NYSE CCI opened at $92.20 on Thursday. The firm has a market cap of $39.23 billion, a price-to-earnings ratio of 48.53, a price-to-earnings-growth ratio of 0.76 and a beta of 0.88. The company’s 50-day simple moving average is $76.53 and its 200-day simple moving average is $82.26. Crown Castle Inc. has a 52-week low of $65.32 and a 52-week high of $95.07.

Crown Castle (NYSE:CCI) last released its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.02). The company had revenue of $995.00 million for the quarter, compared to analyst estimates of $1.01 billion. Crown Castle had a negative return on equity of 42.11% and a net margin of 20.12%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same quarter last year, the company earned $1.12 EPS. Equities research analysts anticipate that Crown Castle Inc. will post 4.40 EPS for the current fiscal year.

About Crown Castle

Crown Castle Inc (NYSE: CCI) is a real estate investment trust that owns, operates and leases communications infrastructure in the United States. Its assets support wireless carriers, broadcasters, government agencies and other communications providers by enabling the transmission of voice, data and video services.

The company’s infrastructure has historically included approximately 40,000 cell towers, about 90,000 route miles of fiber and a large portfolio of small-cell installations.