Crown Castle Inc. (NYSE:CCI) Shares Bought by Allworth Financial LP

Posted by Defense World Staff on Jul 2nd, 2023

Allworth Financial LP grew its stake in Crown Castle Inc. (NYSE:CCI – Free Report) by 28.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,030 shares of the real estate investment trust’s stock after purchasing an additional 1,099 shares during the quarter. Allworth Financial LP’s holdings in Crown Castle were worth $673,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Richard W. Paul & Associates LLC acquired a new stake in Crown Castle during the fourth quarter valued at approximately $25,000. Almanack Investment Partners LLC. bought a new stake in shares of Crown Castle in the 3rd quarter valued at approximately $28,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Crown Castle during the 4th quarter valued at approximately $29,000. ST Germain D J Co. Inc. bought a new position in Crown Castle during the fourth quarter worth $31,000. Finally, Retirement Financial Solutions LLC acquired a new position in Crown Castle in the fourth quarter worth $36,000. Institutional investors own 89.55% of the company’s stock.

Crown Castle Price Performance

Shares of CCI opened at $113.94 on Friday. Crown Castle Inc. has a one year low of $107.62 and a one year high of $184.92. The stock’s fifty day moving average is $115.11 and its 200-day moving average is $129.41. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market capitalization of $49.41 billion, a price-to-earnings ratio of 29.52 and a beta of 0.65.

Crown Castle (NYSE:CCI – Free Report) last released its earnings results on Wednesday, April 19th. The real estate investment trust reported $0.97 EPS for the quarter, missing the consensus estimate of $1.85 by ($0.88). Crown Castle had a net margin of 23.81% and a return on equity of 22.12%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the business posted $1.87 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts anticipate that Crown Castle Inc. will post 7.25 EPS for the current year.

Crown Castle Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were given a $1.565 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $6.26 dividend on an annualized basis and a yield of 5.49%. Crown Castle’s dividend payout ratio (DPR) is 162.18%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CCI. Moffett Nathanson raised shares of Crown Castle from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $161.00 to $155.00 in a report on Thursday, March 30th. StockNews.com began coverage on shares of Crown Castle in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Morgan Stanley decreased their target price on Crown Castle from $159.00 to $151.00 in a research note on Tuesday, April 18th. Raymond James dropped their price target on Crown Castle from $154.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Finally, Royal Bank of Canada reduced their price objective on Crown Castle from $162.00 to $144.00 in a research report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $152.60.

Insider Buying and Selling at Crown Castle

In other news, COO Christopher Levendos sold 14,472 shares of the business’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $124.04, for a total value of $1,795,106.88. Following the sale, the chief operating officer now owns 4,759 shares of the company’s stock, valued at approximately $590,306.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Christopher Levendos sold 14,472 shares of Crown Castle stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $124.04, for a total value of $1,795,106.88. Following the transaction, the chief operating officer now owns 4,759 shares of the company’s stock, valued at approximately $590,306.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin A. Stephens bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average price of $118.00 per share, for a total transaction of $118,000.00. Following the completion of the acquisition, the director now directly owns 15,416 shares in the company, valued at $1,819,088. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 24,472 shares of company stock valued at $3,012,757. 0.39% of the stock is owned by corporate insiders.

Crown Castle Company Profile

(Free Report)

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 85,000 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.