Norges Bank Purchases New Stake in Crown Castle Inc. $CCI

Norges Bank purchased a new stake in Crown Castle Inc. (NYSE:CCI) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 6,691,459 shares of the real estate investment trust’s stock, valued at approximately $594,670,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Foresight Group Ltd Liability Partnership increased its stake in Crown Castle by 25.8% during the third quarter. Foresight Group Ltd Liability Partnership now owns 103,407 shares of the real estate investment trust’s stock worth $9,950,000 after acquiring an additional 21,194 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Crown Castle by 15.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,963 shares of the real estate investment trust’s stock valued at $6,847,000 after purchasing an additional 9,552 shares during the last quarter. National Pension Service grew its holdings in shares of Crown Castle by 3.5% during the 3rd quarter. National Pension Service now owns 656,795 shares of the real estate investment trust’s stock worth $63,374,000 after purchasing an additional 21,986 shares during the period. Aberdeen Group plc grew its holdings in shares of Crown Castle by 13.9% during the 4th quarter. Aberdeen Group plc now owns 1,052,667 shares of the real estate investment trust’s stock worth $93,551,000 after purchasing an additional 128,212 shares during the period. Finally, Vinva Investment Management Ltd grew its holdings in shares of Crown Castle by 30.9% during the 3rd quarter. Vinva Investment Management Ltd now owns 197,804 shares of the real estate investment trust’s stock worth $19,027,000 after purchasing an additional 46,693 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI opened at $91.56 on Monday. The stock has a market capitalization of $39.96 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 0.46 and a beta of 0.93. The business has a fifty day moving average price of $86.68 and a 200 day moving average price of $87.66. Crown Castle Inc. has a 12 month low of $75.96 and a 12 month high of $115.76.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.55. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $995.42 million. Crown Castle had a negative return on equity of 64.64% and a net margin of 25.13%.Crown Castle’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 EPS. Crown Castle has set its FY 2026 guidance at 4.380-4.490 EPS. On average, research analysts anticipate that Crown Castle Inc. will post 4.22 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, June 15th. Crown Castle’s payout ratio is 175.62%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CCI. Truist Financial began coverage on Crown Castle in a report on Tuesday, March 31st. They set a “hold” rating and a $90.00 price target for the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Crown Castle in a report on Friday, May 22nd. Scotiabank lowered their price target on Crown Castle from $94.00 to $91.00 and set a “sector perform” rating for the company in a report on Tuesday, April 7th. UBS Group lowered their price target on Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Finally, Wolfe Research cut Crown Castle from an “outperform” rating to a “peer perform” rating in a report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, Crown Castle currently has an average rating of “Moderate Buy” and a consensus price target of $98.52.

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.