Eagle Ridge Investment Management raised its holdings in shares of CROWN CASTLE IN/SH SH (NYSE:CCI) by 24.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,718 shares of the real estate investment trust’s stock after acquiring an additional 542 shares during the period. Eagle Ridge Investment Management’s holdings in CROWN CASTLE IN/SH SH were worth $354,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in CCI. Commonwealth Bank of Australia lifted its stake in CROWN CASTLE IN/SH SH by 31.4% during the 1st quarter. Commonwealth Bank of Australia now owns 2,174,349 shares of the real estate investment trust’s stock valued at $278,303,000 after acquiring an additional 519,210 shares during the period. Argent Capital Management LLC acquired a new stake in CROWN CASTLE IN/SH SH during the 1st quarter valued at approximately $51,756,000. California Public Employees Retirement System lifted its stake in CROWN CASTLE IN/SH SH by 18.8% during the 1st quarter. California Public Employees Retirement System now owns 2,460,798 shares of the real estate investment trust’s stock valued at $314,982,000 after acquiring an additional 388,843 shares during the period. Geode Capital Management LLC increased its holdings in shares of CROWN CASTLE IN/SH SH by 8.2% during the 4th quarter. Geode Capital Management LLC now owns 4,929,209 shares of the real estate investment trust’s stock valued at $534,436,000 after purchasing an additional 372,285 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of CROWN CASTLE IN/SH SH by 7.3% during the 1st quarter. Jennison Associates LLC now owns 4,904,370 shares of the real estate investment trust’s stock valued at $627,759,000 after purchasing an additional 332,614 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.
Shares of CCI stock traded up $2.84 during trading hours on Thursday, hitting $141.78. The stock had a trading volume of 32,070 shares, compared to its average volume of 2,182,189. The company has a market capitalization of $57.97 billion, a price-to-earnings ratio of 25.86, a PEG ratio of 1.62 and a beta of 0.33. CROWN CASTLE IN/SH SH has a twelve month low of $103.21 and a twelve month high of $142.24. The stock has a 50 day moving average price of $133.21. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.76 and a quick ratio of 0.76.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $1.125 per share. This represents a $4.50 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, September 12th. CROWN CASTLE IN/SH SH’s dividend payout ratio is presently 82.12%.
In related news, VP Robert Sean Collins sold 1,200 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $125.19, for a total transaction of $150,228.00. Following the completion of the sale, the vice president now directly owns 1,616 shares of the company’s stock, valued at $202,307.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director J Landis Martin purchased 16,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $127.33 per share, with a total value of $2,075,479.00. Following the completion of the acquisition, the director now owns 130,617 shares of the company’s stock, valued at $16,631,462.61. The disclosure for this purchase can be found here. 0.41% of the stock is owned by company insiders.
CCI has been the subject of several recent research reports. New Street Research lowered shares of CROWN CASTLE IN/SH SH from a “neutral” rating to a “sell” rating and set a $113.00 target price for the company. in a report on Thursday, June 13th. JPMorgan Chase & Co. raised shares of CROWN CASTLE IN/SH SH from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $125.00 to $150.00 in a research report on Thursday, August 1st. Bank of America reissued a “buy” rating and set a $151.00 price target (up previously from $133.00) on shares of CROWN CASTLE IN/SH SH in a research report on Wednesday. Finally, Morgan Stanley boosted their price target on shares of CROWN CASTLE IN/SH SH from $129.00 to $138.00 and gave the company an “overweight” rating in a research report on Monday, May 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. CROWN CASTLE IN/SH SH currently has a consensus rating of “Hold” and a consensus price target of $128.50.
CROWN CASTLE IN/SH SH Company Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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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