Crown Castle Inc. $CCI Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 33.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,322,317 shares of the real estate investment trust’s stock after selling 676,531 shares during the period. Pictet Asset Management Holding SA’s holdings in Crown Castle were worth $100,145,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wiser Advisor Group LLC purchased a new position in Crown Castle in the 3rd quarter worth approximately $29,000. Hilton Head Capital Partners LLC boosted its holdings in shares of Crown Castle by 55.6% during the 1st quarter. Hilton Head Capital Partners LLC now owns 375 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 134 shares during the last quarter. Triumph Capital Management purchased a new stake in shares of Crown Castle in the third quarter valued at approximately $31,000. Global Assets Advisory LLC purchased a new stake in shares of Crown Castle in the first quarter valued at approximately $32,000. Finally, Salomon & Ludwin LLC increased its holdings in shares of Crown Castle by 128.7% in the fourth quarter. Salomon & Ludwin LLC now owns 382 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 215 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CCI. Truist Financial reduced their price objective on Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a research report on Tuesday, July 28th. Barclays raised their target price on Crown Castle from $91.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Royal Bank Of Canada reduced their price target on Crown Castle from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Citigroup reissued a “market outperform” rating on shares of Crown Castle in a research report on Friday, July 24th. Finally, TD Cowen dropped their price objective on shares of Crown Castle from $94.00 to $92.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.13.

Crown Castle Price Performance

NYSE CCI opened at $75.91 on Friday. The firm’s 50-day moving average is $79.61 and its two-hundred day moving average is $84.52. Crown Castle Inc. has a 12 month low of $69.72 and a 12 month high of $104.61. The stock has a market capitalization of $32.30 billion, a P/E ratio of 38.53, a PEG ratio of 0.40 and a beta of 0.95.

Crown Castle Announces Dividend

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

Insider Activity at Crown Castle

In other news, VP Robert Sean Collins sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $75.89, for a total value of $113,835.00. Following the transaction, the vice president directly owned 5,113 shares in the company, valued at approximately $388,025.57. This represents a 22.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.09% of the company’s stock.

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.