Key Points
- Crown Castle VP Robert Sean Collins sold 1,500 shares at an average price of $75.89, generating $113,835. Following the transaction, he retained 5,113 shares, a 22.68% reduction in his direct ownership.
- Crown Castle shares opened at $73.57 and were down 2.7%, trading near the lower end of their 52-week range. The company has a market capitalization of approximately $32.1 billion.
- The REIT declared a quarterly dividend of $1.0625 per share, equal to $4.25 annually and a 5.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $95.13.
Crown Castle Inc. (NYSE:CCI - Get Free Report) VP Robert Sean Collins sold 1,500 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $75.89, for a total transaction of $113,835.00. Following the sale, the vice president directly owned 5,113 shares in the company, valued at $388,025.57. This represents a 22.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Crown Castle Trading Down 2.7%
NYSE CCI opened at $73.57 on Tuesday. Crown Castle Inc. has a 1-year low of $69.72 and a 1-year high of $104.64. The company has a 50 day moving average of $80.97 and a 200-day moving average of $84.84. The firm has a market cap of $32.11 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 0.40 and a beta of 0.95.
Crown Castle Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $1.0625 per share. The ex-dividend date is Tuesday, September 15th. This represents a $4.25 dividend on an annualized basis and a yield of 5.8%. Crown Castle's dividend payout ratio is 215.74%.
Hedge Funds Weigh In On Crown Castle
Several hedge funds have recently added to or reduced their stakes in CCI. Empowered Funds LLC grew its position in shares of Crown Castle by 7.5% during the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust's stock worth $1,714,000 after buying an additional 1,150 shares during the period. First Trust Advisors LP lifted its holdings in Crown Castle by 6.9% in the second quarter. First Trust Advisors LP now owns 87,611 shares of the real estate investment trust's stock valued at $9,000,000 after buying an additional 5,630 shares during the period. Baird Financial Group Inc. boosted its stake in Crown Castle by 3.7% in the second quarter. Baird Financial Group Inc. now owns 7,655 shares of the real estate investment trust's stock valued at $786,000 after acquiring an additional 272 shares during the last quarter. Jump Financial LLC boosted its stake in Crown Castle by 49.3% in the second quarter. Jump Financial LLC now owns 10,913 shares of the real estate investment trust's stock valued at $1,121,000 after acquiring an additional 3,603 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in Crown Castle by 5.6% during the 2nd quarter. Federated Hermes Inc. now owns 4,955 shares of the real estate investment trust's stock worth $509,000 after acquiring an additional 261 shares during the period. Institutional investors own 90.77% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have commented on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Crown Castle in a research note on Friday, May 22nd. KeyCorp raised their target price on Crown Castle from $98.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. BMO Capital Markets cut their price target on Crown Castle from $100.00 to $95.00 and set an "outperform" rating for the company in a report on Monday, July 20th. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research report on Friday, June 26th. They set a "neutral" rating and a $95.00 price target on the stock. Finally, Wall Street Zen raised shares of Crown Castle from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $95.13.
Check Out Our Latest Stock Analysis on Crown Castle
Crown Castle Company Profile
(
Get Free Report)
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.
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