Royal London Asset Management Ltd. Has $19.80 Million Stock Position in Crown Castle Inc. (NYSE:CCI)

Royal London Asset Management Ltd. raised its position in shares of Crown Castle Inc. (NYSE:CCI) by 3.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 202,701 shares of the real estate investment trust’s stock after purchasing an additional 7,357 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Crown Castle were worth $19,804,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Crown Castle during the fourth quarter worth $581,503,000. M&G Plc bought a new position in shares of Crown Castle in the 1st quarter worth about $221,573,000. Mizuho Markets Americas LLC acquired a new position in shares of Crown Castle in the 4th quarter valued at about $201,582,000. Balyasny Asset Management L.P. boosted its position in shares of 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 valued at $190,231,000 after purchasing an additional 1,642,432 shares in the last quarter. Finally, Cooke & Bieler LP grew its stake in Crown Castle by 95.8% during the second quarter. Cooke & Bieler LP now owns 2,578,932 shares of the real estate investment trust’s stock worth $251,962,000 after purchasing an additional 1,261,536 shares during the period. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CCI. BMO Capital Markets boosted their price target on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Royal Bank of Canada boosted their target price on shares of Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Bank of America upped their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Finally, TD Cowen raised their target price on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $113.53.

Crown Castle Stock Up 0.2 %

Shares of NYSE:CCI opened at $120.14 on Thursday. The business’s 50 day moving average is $108.87 and its 200 day moving average is $103.63. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.31. The stock has a market cap of $52.20 billion, a price-to-earnings ratio of 37.54 and a beta of 0.85. 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 (NYSE:CCI) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.05 EPS. On average, sell-side analysts forecast that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.21%. Crown Castle’s dividend payout ratio (DPR) is 195.63%.

Insiders Place Their Bets

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’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 transaction, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.39% of the company’s stock.

Crown Castle 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.