Prudential PLC Boosts Holdings in Crown Castle Inc. (NYSE:CCI)

Prudential PLC boosted its position in Crown Castle Inc. (NYSE:CCIFree Report) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,702 shares of the real estate investment trust’s stock after acquiring an additional 564 shares during the quarter. Prudential PLC’s holdings in Crown Castle were worth $5,840,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Morgan Stanley raised its holdings in Crown Castle by 8.9% in the third quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock valued at $1,203,648,000 after acquiring an additional 1,064,382 shares in the last quarter. FMR LLC raised its holdings in Crown Castle by 14.3% in the third quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock valued at $1,098,526,000 after acquiring an additional 1,496,330 shares in the last quarter. Wellington Management Group LLP raised its holdings in Crown Castle by 21.9% in the third quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock valued at $932,682,000 after acquiring an additional 1,818,910 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Crown Castle by 42.8% in the third quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock valued at $651,910,000 after acquiring an additional 2,121,603 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Crown Castle by 2.9% during the third quarter. Legal & General Group Plc now owns 5,568,481 shares of the real estate investment trust’s stock worth $512,467,000 after purchasing an additional 155,543 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CCI. Royal Bank of Canada cut their price objective on shares of Crown Castle from $109.00 to $100.00 and set a “sector perform” rating on the stock in a report on Tuesday, May 7th. Scotiabank cut their price objective on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating on the stock in a report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating on the stock in a report on Monday, April 22nd. BMO Capital Markets cut their price objective on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a report on Thursday, April 18th. Finally, Bank of America lowered their target price on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $112.64.

Check Out Our Latest Research Report on Crown Castle

Crown Castle Stock Performance

NYSE:CCI traded down $1.02 during midday trading on Friday, reaching $100.62. The stock had a trading volume of 2,324,829 shares, compared to its average volume of 2,341,146. The firm has a fifty day simple moving average of $98.71 and a two-hundred day simple moving average of $106.28. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. The stock has a market cap of $43.72 billion, a P/E ratio of 31.43, a P/E/G ratio of 2.71 and a beta of 0.82.

Crown Castle (NYSE:CCIGet Free Report) last issued its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.92). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. Crown Castle’s revenue for the quarter was down 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.91 earnings per share. On average, equities analysts expect that Crown Castle Inc. will post 6.59 EPS for the current year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $1.565 per share. The ex-dividend date is Friday, June 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.22%. Crown Castle’s payout ratio is currently 195.63%.

Crown Castle Profile

(Free Report)

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.

Further Reading

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Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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