Malaga Cove Capital LLC Sells 147 Shares of Crown Castle Inc. (NYSE:CCI)

Malaga Cove Capital LLC cut its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,446 shares of the real estate investment trust’s stock after selling 147 shares during the quarter. Malaga Cove Capital LLC’s holdings in Crown Castle were worth $532,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CCI. Fisher Asset Management LLC raised its holdings in Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock worth $523,773,000 after acquiring an additional 632,398 shares in the last quarter. BOKF NA boosted its holdings in shares of Crown Castle by 25.6% in the 1st quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock valued at $417,000 after buying an additional 815 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Crown Castle by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after buying an additional 8,136 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Crown Castle during the first quarter worth $4,425,000. Finally, O Shaughnessy Asset Management LLC raised its position in Crown Castle by 30.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock worth $3,789,000 after acquiring an additional 8,346 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Crown Castle Stock Performance

NYSE CCI opened at $117.54 on Tuesday. The firm has a 50-day moving average price of $107.90 and a two-hundred day moving average price of $103.44. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $119.50. The company has a market capitalization of $51.08 billion, a P/E ratio of 36.73 and a beta of 0.85. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 earnings per share. Analysts anticipate that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.33%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is currently 195.63%.

Insider Buying and Selling

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on CCI. TD Cowen lifted their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Raymond James reiterated an “outperform” rating and set a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. BMO Capital Markets upped their price objective on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Bank of America lifted their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $113.53.

Crown Castle Profile

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.