Envestnet Asset Management Inc. Sells 120,839 Shares of Crown Castle Inc. (NYSE:CCI)

Envestnet Asset Management Inc. reduced its position in Crown Castle Inc. (NYSE:CCI) by 6.8% during the second quarter, HoldingsChannel reports. The fund owned 1,663,160 shares of the real estate investment trust’s stock after selling 120,839 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Crown Castle were worth $162,491,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of Crown Castle by 16.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock valued at $523,773,000 after buying an additional 632,398 shares during the period. BOKF NA increased its position in shares of Crown Castle by 25.6% during the first quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock valued at $417,000 after buying an additional 815 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Crown Castle by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after buying an additional 8,136 shares during the period. Global Assets Advisory LLC bought a new stake in shares of Crown Castle during the first quarter valued at about $4,425,000. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Crown Castle by 30.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock valued at $3,789,000 after buying an additional 8,346 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. TD Cowen upped their price target on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Royal Bank of Canada upped their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Bank of America upped their price objective 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. The Goldman Sachs Group initiated coverage on shares of Crown Castle in a research report on Monday, July 1st. They issued a “neutral” rating and a $104.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle presently has an average rating of “Hold” and an average target price of $113.53.

Insider Activity

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

Crown Castle Stock Down 0.2 %

Shares of CCI opened at $118.85 on Monday. The firm has a market cap of $51.65 billion, a P/E ratio of 37.14 and a beta of 0.85. The stock has a 50 day simple moving average of $109.77 and a two-hundred day simple moving average of $103.78. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year high of $120.31.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.62 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. Crown Castle’s revenue for the quarter was down 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 earnings per share. On average, analysts forecast that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

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 paid a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date is Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 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.