State of Michigan Retirement System Has $11.62 Million Stock Holdings in Crown Castle Inc. (NYSE:CCI)

State of Michigan Retirement System raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 0.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,952 shares of the real estate investment trust’s stock after acquiring an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Crown Castle were worth $11,622,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CCI. Ables Iannone Moore & Associates Inc. purchased a new position in Crown Castle during the fourth quarter valued at approximately $25,000. Rational Advisors LLC purchased a new position in shares of Crown Castle during the 1st quarter valued at $27,000. EntryPoint Capital LLC acquired a new position in shares of Crown Castle in the first quarter worth $27,000. Gables Capital Management Inc. raised its holdings in shares of Crown Castle by 164.0% during the fourth quarter. Gables Capital Management Inc. now owns 264 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 164 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new stake in Crown Castle during the fourth quarter valued at $30,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

CCI has been the topic of several research reports. Royal Bank of Canada upped their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Raymond James restated an “outperform” rating and issued a $126.00 price objective (up previously from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Bank of America boosted their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. BMO Capital Markets raised their price target on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. Finally, TD Cowen upped their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Crown Castle currently has an average rating of “Hold” and a consensus price target of $113.53.

Insider Activity

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is owned by company insiders.

Crown Castle Price Performance

Shares of NYSE:CCI opened at $112.95 on Tuesday. The company has a market cap of $49.08 billion, a price-to-earnings ratio of 35.30 and a beta of 0.83. The business has a 50 day moving average price of $104.42 and a 200 day moving average price of $103.01. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. Crown Castle Inc. has a twelve month low of $84.72 and a twelve month high of $119.50.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the business earned $2.05 earnings per share. Crown Castle’s revenue for the quarter was down 12.9% compared to the same quarter last year. Research analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

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.