Legacy Wealth Asset Management LLC Cuts Position in Crown Castle Inc. (NYSE:CCI)

Legacy Wealth Asset Management LLC lowered its position in Crown Castle Inc. (NYSE:CCI) by 8.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,138 shares of the real estate investment trust’s stock after selling 932 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Crown Castle were worth $920,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Crown Castle by 3.7% in the 3rd quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after purchasing an additional 747,390 shares in the last quarter. Wellington Management Group LLP increased its holdings in Crown Castle by 23.8% in the third quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock valued at $2,079,417,000 after buying an additional 3,371,186 shares during the last quarter. Geode Capital Management LLC increased its holdings in Crown Castle by 1.3% in the third quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust’s stock valued at $1,434,229,000 after buying an additional 151,990 shares during the last quarter. Legal & General Group Plc raised its stake in Crown Castle by 1.1% in the second quarter. Legal & General Group Plc now owns 6,177,250 shares of the real estate investment trust’s stock valued at $603,518,000 after buying an additional 67,072 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Crown Castle by 7.2% during the 3rd quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust’s stock worth $613,900,000 after buying an additional 348,296 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. UBS Group increased their price objective on Crown Castle from $103.00 to $118.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price target on shares of Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Barclays raised shares of Crown Castle from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $117.00 to $104.00 in a report on Monday. The Goldman Sachs Group upped their target price on shares of Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group lowered shares of Crown Castle from a “buy” rating to a “hold” rating and cut their price target for the stock from $127.00 to $84.00 in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Crown Castle presently has an average rating of “Hold” and a consensus price target of $113.00.

Crown Castle Stock Up 4.6 %

Shares of NYSE:CCI opened at $90.67 on Friday. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $39.40 billion, a P/E ratio of 32.15 and a beta of 0.87. Crown Castle Inc. has a 1-year low of $84.20 and a 1-year high of $120.92. The firm has a fifty day moving average price of $97.23 and a 200 day moving average price of $105.67.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.64 billion. Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. Crown Castle’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the company posted $1.77 EPS. Sell-side analysts predict that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $1.565 dividend. The ex-dividend date was Friday, December 13th. This represents a $6.26 annualized dividend and a dividend yield of 6.90%. Crown Castle’s dividend payout ratio (DPR) is currently 221.99%.

Crown Castle Company 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.