Crown Castle (NYSE:CCI) Price Target Raised to $124.00

by · The Cerbat Gem

Crown Castle (NYSE:CCI – Free Report) had its price objective hoisted by Citigroup from $108.00 to $124.00 in a research report report published on Monday morning, Marketbeat.com reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other equities research analysts also recently commented on the company. StockNews.com raised Crown Castle from a “sell” rating to a “hold” rating in a report on Saturday, April 19th. Royal Bank of Canada increased their target price on shares of Crown Castle from $107.00 to $112.00 and gave the company a “sector perform” rating in a report on Friday, May 2nd. Wolfe Research upgraded shares of Crown Castle from an “underperform” rating to a “peer perform” rating in a research report on Monday, March 17th. Argus upgraded Crown Castle to a “hold” rating in a report on Friday, March 21st. Finally, Wells Fargo & Company raised Crown Castle from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $85.00 to $105.00 in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.41.

Check Out Our Latest Analysis on Crown Castle

Crown Castle Stock Performance

Shares of CCI opened at $104.63 on Monday. The stock has a market capitalization of $45.56 billion, a P/E ratio of 37.10 and a beta of 0.93. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. Crown Castle has a 1 year low of $84.20 and a 1 year high of $120.92. The company’s fifty day moving average is $101.11 and its two-hundred day moving average is $98.03.

Crown Castle (NYSE:CCI – Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.62). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm earned $1.72 earnings per share. The company’s revenue was down 4.8% compared to the same quarter last year. On average, sell-side analysts predict that Crown Castle will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date of this dividend was Friday, March 14th. Crown Castle’s payout ratio is -58.18%.

Insider Transactions at Crown Castle

In other Crown Castle news, CEO Daniel K. Schlanger sold 20,000 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the transaction, the chief executive officer now owns 110,571 shares of the company’s stock, valued at $11,762,542.98. This trade represents a 15.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert Sean Collins sold 3,600 shares of Crown Castle stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.72, for a total transaction of $384,192.00. Following the completion of the transaction, the vice president now owns 6,465 shares in the company, valued at approximately $689,944.80. This trade represents a 35.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,600 shares of company stock worth $3,362,752 in the last three months. Company insiders own 0.10% of the company’s stock.

Hedge Funds Weigh In On Crown Castle

Several hedge funds and other institutional investors have recently modified their holdings of the company. TCTC Holdings LLC increased its holdings in Crown Castle by 1,878.9% in the 1st quarter. TCTC Holdings LLC now owns 376 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 357 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in shares of Crown Castle by 43.4% in the first quarter. Meeder Advisory Services Inc. now owns 11,077 shares of the real estate investment trust’s stock valued at $1,155,000 after buying an additional 3,351 shares in the last quarter. Mackenzie Financial Corp lifted its position in Crown Castle by 6.9% during the 1st quarter. Mackenzie Financial Corp now owns 40,359 shares of the real estate investment trust’s stock worth $4,207,000 after acquiring an additional 2,591 shares in the last quarter. Inlet Private Wealth LLC boosted its holdings in Crown Castle by 1.7% in the 1st quarter. Inlet Private Wealth LLC now owns 51,403 shares of the real estate investment trust’s stock worth $5,358,000 after acquiring an additional 870 shares during the period. Finally, Prosperity Consulting Group LLC acquired a new stake in Crown Castle in the first quarter valued at approximately $210,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Company Profile

(Get 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.

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