Crown Castle Inc. (NYSE:CCI) Shares Purchased by American Century Companies Inc.

Posted by Defense World Staff on Sep 1st, 2023

American Century Companies Inc. boosted its holdings in Crown Castle Inc. (NYSE:CCI – Free Report) by 44.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,423 shares of the real estate investment trust’s stock after purchasing an additional 44,122 shares during the quarter. American Century Companies Inc.’s holdings in Crown Castle were worth $19,035,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Magnolia Capital Advisors LLC boosted its holdings in Crown Castle by 3.2% in the fourth quarter. Magnolia Capital Advisors LLC now owns 2,375 shares of the real estate investment trust’s stock worth $322,000 after purchasing an additional 73 shares during the period. High Note Wealth LLC boosted its holdings in shares of Crown Castle by 1.3% during the first quarter. High Note Wealth LLC now owns 6,786 shares of the real estate investment trust’s stock valued at $908,000 after acquiring an additional 85 shares during the period. Great Lakes Advisors LLC boosted its holdings in shares of Crown Castle by 1.4% during the first quarter. Great Lakes Advisors LLC now owns 5,968 shares of the real estate investment trust’s stock valued at $799,000 after acquiring an additional 85 shares during the period. Summit Financial Group Inc. boosted its holdings in shares of Crown Castle by 5.5% during the third quarter. Summit Financial Group Inc. now owns 1,638 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 85 shares during the period. Finally, Orion Portfolio Solutions LLC boosted its holdings in shares of Crown Castle by 2.4% during the first quarter. Orion Portfolio Solutions LLC now owns 3,678 shares of the real estate investment trust’s stock valued at $679,000 after acquiring an additional 86 shares during the period. Institutional investors and hedge funds own 90.27% of the company’s stock.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $100.50 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 3.07. The company’s 50-day moving average price is $107.86 and its two-hundred day moving average price is $118.62. Crown Castle Inc. has a 52 week low of $97.94 and a 52 week high of $177.78. The stock has a market cap of $43.58 billion, a PE ratio of 25.51 and a beta of 0.63.

Crown Castle (NYSE:CCI – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The real estate investment trust reported $1.05 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.74). Crown Castle had a return on equity of 23.20% and a net margin of 23.85%. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted $1.80 earnings per share. Crown Castle’s revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Crown Castle Inc. will post 7.13 EPS for the current fiscal year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $1.565 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $6.26 annualized dividend and a yield of 6.23%. Crown Castle’s payout ratio is presently 158.88%.

Analyst Upgrades and Downgrades

CCI has been the subject of several analyst reports. Citigroup reduced their price target on shares of Crown Castle from $162.00 to $138.00 in a report on Thursday, July 20th. Raymond James reduced their price target on shares of Crown Castle from $128.00 to $126.00 and set an “outperform” rating for the company in a report on Tuesday, August 22nd. TheStreet downgraded shares of Crown Castle from a “b-” rating to a “c+” rating in a report on Friday, May 12th. Barclays cut their price objective on shares of Crown Castle from $137.00 to $116.00 and set an “equal weight” rating on the stock in a research note on Monday, July 24th. Finally, Royal Bank of Canada cut their price objective on shares of Crown Castle from $144.00 to $125.00 and set an “outperform” rating on the stock in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Crown Castle presently has an average rating of “Moderate Buy” and a consensus price target of $138.56.

View Our Latest Research Report on Crown Castle

About Crown Castle

(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.