Redwood Investment Management LLC Sells 2,434 Shares of Crown Castle Inc. (NYSE:CCI)

Redwood Investment Management LLC lessened its holdings in Crown Castle Inc. (NYSE:CCI) by 12.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,422 shares of the real estate investment trust’s stock after selling 2,434 shares during the quarter. Redwood Investment Management LLC’s holdings in Crown Castle were worth $2,034,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mather Group LLC. raised its position in shares of Crown Castle by 25.9% during the 2nd quarter. Mather Group LLC. now owns 1,362 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 280 shares in the last quarter. CWM LLC lifted its position in shares of Crown Castle by 10.3% in the 2nd quarter. CWM LLC now owns 13,253 shares of the real estate investment trust’s stock worth $1,295,000 after purchasing an additional 1,239 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Crown Castle during the second quarter valued at approximately $4,301,000. CHICAGO TRUST Co NA lifted its position in Crown Castle by 33.4% during the second quarter. CHICAGO TRUST Co NA now owns 3,452 shares of the real estate investment trust’s stock valued at $337,000 after acquiring an additional 865 shares during the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of Crown Castle by 102.1% in the second quarter. QRG Capital Management Inc. now owns 26,453 shares of the real estate investment trust’s stock worth $2,584,000 after buying an additional 13,361 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

CCI has been the subject of a number of research analyst reports. Barclays raised their price target on shares of Crown Castle from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. JPMorgan Chase & Co. raised their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. The Goldman Sachs Group lifted their target price on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. TD Cowen dropped their price objective on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Finally, Royal Bank of Canada boosted their price objective on shares of Crown Castle from $104.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Twelve investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Crown Castle currently has a consensus rating of “Hold” and an average target price of $116.87.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $103.31 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 firm has a market cap of $44.90 billion, a P/E ratio of 36.63 and a beta of 0.86. The firm has a 50 day simple moving average of $108.50 and a 200 day simple moving average of $107.06. Crown Castle Inc. has a fifty-two week low of $92.48 and a fifty-two week high of $120.92.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the firm earned $1.77 EPS. Crown Castle’s quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts predict that Crown Castle Inc. will post 6.66 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $1.565 per share. The ex-dividend date is Friday, December 13th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.06%. Crown Castle’s payout ratio is presently 221.99%.

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.