Principal Financial Group Inc. Boosts Stock Position in Crown Castle Inc. $CCI

Principal Financial Group Inc. boosted its position in Crown Castle Inc. (NYSE:CCI) by 12.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 685,398 shares of the real estate investment trust’s stock after purchasing an additional 76,064 shares during the quarter. Principal Financial Group Inc.’s holdings in Crown Castle were worth $66,134,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CCI. Winnow Wealth LLC purchased a new position in shares of Crown Castle during the second quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in Crown Castle in the 2nd quarter valued at $27,000. NewSquare Capital LLC raised its holdings in Crown Castle by 74.5% in the 2nd quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 120 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Crown Castle during the 3rd quarter worth $29,000. Finally, Creative Financial Designs Inc. ADV boosted its holdings in shares of Crown Castle by 47.8% during the second quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 98 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Trading Down 0.7%

NYSE:CCI opened at $84.40 on Wednesday. The firm’s fifty day simple moving average is $88.01 and its 200 day simple moving average is $94.27. Crown Castle Inc. has a twelve month low of $83.21 and a twelve month high of $115.76. The firm has a market capitalization of $36.75 billion, a price-to-earnings ratio of -7.94, a PEG ratio of 0.56 and a beta of 0.96.

Analyst Ratings Changes

Several research firms recently commented on CCI. Wells Fargo & Company dropped their target price on Crown Castle from $115.00 to $105.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. Zacks Research lowered shares of Crown Castle from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Citigroup decreased their target price on shares of Crown Castle from $124.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Barclays reaffirmed an “equal weight” rating and set a $101.00 price target (down previously from $104.00) on shares of Crown Castle in a research report on Monday, December 1st. Finally, Raymond James Financial decreased their price target on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Crown Castle currently has a consensus rating of “Hold” and a consensus target price of $106.75.

Crown Castle 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.