Norden Group LLC Invests $1.80 Million in Crown Castle Inc. (NYSE:CCI)

Norden Group LLC purchased a new position in Crown Castle Inc. (NYSE:CCI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,055 shares of the real estate investment trust’s stock, valued at approximately $1,804,000.

A number of other hedge funds have also recently made changes to their positions in CCI. Norges Bank bought a new position in shares of Crown Castle in the fourth quarter worth about $581,503,000. Wellington Management Group LLP grew its holdings in Crown Castle by 21.9% during the 3rd quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock worth $932,682,000 after acquiring an additional 1,818,910 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in Crown Castle during the 4th quarter worth about $201,582,000. Balyasny Asset Management L.P. grew its holdings in Crown Castle by 18,200.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock worth $190,231,000 after acquiring an additional 1,642,432 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Crown Castle by 8.9% during the 3rd quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock worth $1,203,648,000 after acquiring an additional 1,064,382 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $96.66 on Friday. The firm has a market capitalization of $42.00 billion, a P/E ratio of 30.21, a PEG ratio of 2.56 and a beta of 0.83. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. The company has a 50 day moving average price of $98.46 and a 200 day moving average price of $104.28. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $119.50.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.92). Crown Castle had a return on equity of 21.30% and a net margin of 20.32%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $1.91 earnings per share. The business’s quarterly revenue was down 7.4% compared to the same quarter last year. Sell-side analysts expect that Crown Castle Inc. will post 6.62 EPS for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 6.48%. The ex-dividend date was Friday, June 14th. Crown Castle’s dividend payout ratio is presently 195.63%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CCI shares. BMO Capital Markets dropped their target price on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating on the stock in a report on Monday, April 22nd. Raymond James reiterated an “outperform” rating and set a $126.00 target price (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Royal Bank of Canada dropped their target price on shares of Crown Castle from $109.00 to $100.00 and set a “sector perform” rating on the stock in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group initiated coverage on shares of Crown Castle in a report on Monday. They issued a “neutral” rating and a $104.00 price target on the stock. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $113.53.

Crown Castle Company Profile

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.