AlphaStar Capital Management LLC Acquires 339 Shares of Crown Castle Inc. (NYSE:CCI)

AlphaStar Capital Management LLC raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 14.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,729 shares of the real estate investment trust’s stock after acquiring an additional 339 shares during the period. AlphaStar Capital Management LLC’s holdings in Crown Castle were worth $267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new position in shares of Crown Castle in the fourth quarter worth approximately $581,503,000. M&G Plc bought a new stake in Crown Castle in the first quarter valued at $221,573,000. Mizuho Markets Americas LLC bought a new stake in Crown Castle in the fourth quarter valued at $201,582,000. Balyasny Asset Management L.P. boosted its holdings in Crown Castle by 18,200.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after acquiring an additional 1,642,432 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Crown Castle by 68,262.1% in the first quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock valued at $131,239,000 after acquiring an additional 1,238,274 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CCI shares. TD Cowen raised their price objective on 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 reissued an “outperform” rating and set a $126.00 price objective (up previously from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Bank of America raised their price objective on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. BMO Capital Markets raised their price objective on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada raised their price objective on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle has a consensus rating of “Hold” and an average price target of $113.53.

Insider Buying and Selling

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by insiders.

Crown Castle Trading Up 0.5 %

Crown Castle stock opened at $113.56 on Wednesday. The business has a 50-day simple moving average of $104.42 and a two-hundred day simple moving average of $103.01. The company has a market cap of $49.35 billion, a P/E ratio of 35.49 and a beta of 0.83. 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 Inc. has a 52-week low of $84.72 and a 52-week high of $119.50.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate 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 was down 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.05 EPS. Analysts predict that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Dividend Announcement

The firm 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 $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.51%. Crown Castle’s dividend payout ratio is presently 195.63%.

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.