Crown Castle Inc. $CCI Shares Purchased by Korea Investment CORP

Korea Investment CORP raised its stake in shares of Crown Castle Inc. (NYSE:CCI) by 131.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 508,432 shares of the real estate investment trust’s stock after buying an additional 288,973 shares during the quarter. Korea Investment CORP owned about 0.12% of Crown Castle worth $49,059,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CCI. Vanguard Group Inc. raised its holdings in shares of Crown Castle by 0.7% in the second quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust’s stock worth $7,118,201,000 after acquiring an additional 449,776 shares during the last quarter. State Street Corp lifted its position in shares of Crown Castle by 0.5% in the second quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust’s stock valued at $2,204,748,000 after acquiring an additional 110,050 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Crown Castle by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 6,185,915 shares of the real estate investment trust’s stock valued at $596,876,000 after acquiring an additional 177,896 shares during the last quarter. Norges Bank acquired a new stake in shares of Crown Castle during the second quarter valued at $629,431,000. Finally, Bank of America Corp DE increased its position in Crown Castle by 2.2% during the 2nd quarter. Bank of America Corp DE now owns 5,534,066 shares of the real estate investment trust’s stock worth $568,515,000 after purchasing an additional 117,904 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

CCI has been the topic of a number of recent research reports. Jefferies Financial Group reduced their target price on shares of Crown Castle from $90.00 to $84.00 and set a “buy” rating on the stock in a report on Wednesday, February 4th. The Goldman Sachs Group lowered their price target on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Royal Bank Of Canada cut their price objective on shares of Crown Castle from $112.00 to $110.00 and set an “outperform” rating for the company in a research report on Monday, January 12th. Zacks Research raised shares of Crown Castle from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Finally, Wall Street Zen lowered shares of Crown Castle from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. 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’s stock. Based on data from MarketBeat, Crown Castle has an average rating of “Moderate Buy” and a consensus target price of $100.13.

Insider Activity at Crown Castle

In other news, VP Robert Sean Collins sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the completion of the sale, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This trade represents a 34.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of Crown Castle stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction 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 approximately $2,174,300.22. This trade represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.10% of the company’s stock.

Crown Castle Stock Up 0.4%

CCI stock opened at $90.49 on Monday. Crown Castle Inc. has a 52 week low of $77.01 and a 52 week high of $115.76. The business has a fifty day simple moving average of $87.33 and a 200-day simple moving average of $91.31. The company has a market cap of $39.46 billion, a price-to-earnings ratio of 89.59, a PEG ratio of 0.46 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. Shareholders of record on Friday, March 13th will be given a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, March 13th. Crown Castle’s dividend payout ratio is presently 420.79%.

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.