Parallel Advisors LLC Has $413,000 Holdings in Crown Castle Inc. (NYSE:CCI)

Parallel Advisors LLC lessened its stake in Crown Castle Inc. (NYSE:CCI) by 4.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,229 shares of the real estate investment trust’s stock after selling 215 shares during the quarter. Parallel Advisors LLC’s holdings in Crown Castle were worth $413,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CCI. Fisher Asset Management LLC lifted its position in shares of Crown Castle by 16.2% in the fourth quarter. Fisher Asset Management LLC now owns 4,547,032 shares of the real estate investment trust’s stock worth $523,773,000 after purchasing an additional 632,398 shares in the last quarter. BOKF NA lifted its position in shares of Crown Castle by 25.6% in the first quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock worth $417,000 after purchasing an additional 815 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Crown Castle by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock worth $98,570,000 after purchasing an additional 8,136 shares in the last quarter. Global Assets Advisory LLC bought a new stake in shares of Crown Castle in the first quarter worth $4,425,000. Finally, O Shaughnessy Asset Management LLC lifted its position in shares of Crown Castle by 30.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock worth $3,789,000 after purchasing an additional 8,346 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 price target on the stock. Deutsche Bank Aktiengesellschaft upped their price target 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. TD Cowen upped their price target on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Raymond James reaffirmed an “outperform” rating and set a $126.00 price target (up from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Finally, BMO Capital Markets upped their price target on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $113.53.

Crown Castle Price Performance

Shares of CCI opened at $119.62 on Wednesday. The firm has a market capitalization of $51.98 billion, a PE ratio of 37.38 and a beta of 0.85. The company’s 50-day moving average is $110.69 and its 200-day moving average is $103.92. Crown Castle Inc. has a fifty-two week low of $84.72 and a fifty-two week high of $120.92. 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 (NYSE:CCI) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the company posted $2.05 earnings per share. Crown Castle’s revenue was down 12.9% compared to the same quarter last year. Equities analysts forecast that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $1.565 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.23%. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Insider Activity at Crown Castle

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

About Crown Castle

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.