Tobam Purchases 249 Shares of Crown Castle Inc. (NYSE:CCI)

Tobam increased its holdings in Crown Castle Inc. (NYSE:CCI) by 15.2% during the 3rd quarter, Holdings Channel reports. The firm owned 1,890 shares of the real estate investment trust’s stock after buying an additional 249 shares during the period. Tobam’s holdings in Crown Castle were worth $224,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Pathway Financial Advisers LLC lifted its holdings in Crown Castle by 2.4% in the 2nd quarter. Pathway Financial Advisers LLC now owns 3,869 shares of the real estate investment trust’s stock worth $376,000 after buying an additional 91 shares during the period. Prosperity Consulting Group LLC raised its holdings in shares of Crown Castle by 4.4% during the second quarter. Prosperity Consulting Group LLC now owns 2,262 shares of the real estate investment trust’s stock valued at $221,000 after acquiring an additional 95 shares in the last quarter. True North Advisors LLC lifted its stake in Crown Castle by 4.2% in the third quarter. True North Advisors LLC now owns 2,345 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 95 shares during the period. Granite Investment Partners LLC boosted its holdings in Crown Castle by 0.5% in the second quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock valued at $1,899,000 after acquiring an additional 100 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Crown Castle by 12.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock valued at $101,000 after purchasing an additional 108 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 1.4 %

Shares of NYSE:CCI opened at $109.94 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock has a fifty day simple moving average of $113.97 and a two-hundred day simple moving average of $104.72. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.92. The stock has a market capitalization of $47.78 billion, a price-to-earnings ratio of 40.27 and a beta of 0.85.

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 for the quarter, beating the consensus estimate of $0.54 by $0.04. The firm 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 company’s revenue was down 12.9% on a year-over-year basis. During the same period last year, the company earned $2.05 earnings per share. On average, research analysts anticipate that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $1.565 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.69%. Crown Castle’s dividend payout ratio (DPR) is presently 229.30%.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

CCI has been the subject of several research analyst reports. Bank of America raised their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Barclays increased their price target on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upped their target price on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Finally, BMO Capital Markets raised their target price 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. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $115.67.

About Crown Castle

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.