New York State Teachers Retirement System Reduces Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Posted by on Apr 10th, 2023

New York State Teachers Retirement System trimmed its stake in Crown Castle Inc. (NYSE:CCI – Get Rating) by 3.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 454,709 shares of the real estate investment trust’s stock after selling 15,373 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of Crown Castle worth $61,677,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Exchange Traded Concepts LLC grew its holdings in shares of Crown Castle by 57.2% during the fourth quarter. Exchange Traded Concepts LLC now owns 525 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 191 shares during the last quarter. TruWealth Advisors LLC increased its position in Crown Castle by 54.9% during the fourth quarter. TruWealth Advisors LLC now owns 83,416 shares of the real estate investment trust’s stock worth $11,315,000 after buying an additional 29,550 shares during the period. M&G Investment Management Ltd. increased its holdings in shares of Crown Castle by 36.4% in the 4th quarter. M&G Investment Management Ltd. now owns 1,691,131 shares of the real estate investment trust’s stock valued at $229,994,000 after acquiring an additional 451,665 shares during the period. State of Michigan Retirement System lifted its holdings in shares of Crown Castle by 0.3% during the fourth quarter. State of Michigan Retirement System now owns 117,652 shares of the real estate investment trust’s stock worth $15,958,000 after purchasing an additional 400 shares during the period. Finally, Paradigm Financial Partners LLC increased its stake in Crown Castle by 4.8% in the 4th quarter. Paradigm Financial Partners LLC now owns 7,925 shares of the real estate investment trust’s stock valued at $1,155,000 after buying an additional 361 shares during the period. 90.27% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Price Performance

Crown Castle stock opened at $134.42 on Monday. The firm’s 50-day moving average is $134.94 and its two-hundred day moving average is $137.41. The company has a debt-to-equity ratio of 2.81, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a market capitalization of $58.29 billion, a P/E ratio of 34.82 and a beta of 0.65. Crown Castle Inc. has a 12-month low of $121.71 and a 12-month high of $199.97.

Crown Castle (NYSE:CCI – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The real estate investment trust reported $0.95 earnings per share for the quarter, missing the consensus estimate of $1.78 by ($0.83). The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.74 billion. Crown Castle had a net margin of 23.96% and a return on equity of 21.58%. The company’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 earnings per share. Equities analysts predict that Crown Castle Inc. will post 7.26 earnings per share for the current year.

Crown Castle Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date was Tuesday, March 14th. Crown Castle’s dividend payout ratio (DPR) is presently 162.18%.

Analyst Ratings Changes

Several research firms recently issued reports on CCI. Deutsche Bank Aktiengesellschaft increased their price target on shares of Crown Castle from $137.00 to $142.00 in a report on Friday, December 16th. StockNews.com assumed coverage on Crown Castle in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Raymond James raised their target price on Crown Castle from $153.00 to $154.00 and gave the company an “outperform” rating in a report on Friday, January 27th. Cowen upped their price target on shares of Crown Castle from $149.00 to $152.00 and gave the stock an “outperform” rating in a research note on Friday, January 27th. Finally, Moffett Nathanson upgraded shares of Crown Castle from a “market perform” rating to an “outperform” rating and cut their price target for the company from $161.00 to $155.00 in a report on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $159.07.

Crown Castle Profile

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Crown Castle, Inc is a real estate investment trust company, which engages in the provision of access to wireless infrastructure via long-term contacts. It operates through the Towers and Fiber segments. The Towers segment offers access, including space or capacity towers dispersed throughout the United States.

See Also

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Institutional Ownership by Quarter for Crown Castle (NYSE:CCI)

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