Crown Castle Inc. (NYSE:CCI) Holdings Raised by Gabelli Funds LLC

Gabelli Funds LLC increased its stake in Crown Castle Inc. (NYSE:CCI) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,805 shares of the real estate investment trust’s stock after purchasing an additional 500 shares during the quarter. Gabelli Funds LLC’s holdings in Crown Castle were worth $4,573,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of CCI. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Crown Castle in the fourth quarter worth approximately $25,000. EntryPoint Capital LLC purchased a new position in Crown Castle during the 1st quarter worth approximately $27,000. Asset Dedication LLC raised its stake in Crown Castle by 159.0% during the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 167 shares during the period. Richardson Financial Services Inc. purchased a new stake in shares of Crown Castle in the fourth quarter valued at $30,000. Finally, Beacon Capital Management LLC boosted its position in shares of Crown Castle by 163.9% in the first quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 177 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Transactions at Crown Castle

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

Crown Castle Stock Performance

Shares of NYSE CCI opened at $117.42 on Wednesday. The business’s 50-day simple moving average is $112.13 and its 200-day simple moving average is $104.07. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $120.92. The firm has a market cap of $51.03 billion, a price-to-earnings ratio of 36.69 and a beta of 0.85.

Crown Castle (NYSE:CCI) last announced 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 return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the company posted $2.05 earnings per share. The company’s revenue for the quarter was down 12.9% compared to the same quarter last year. As a group, equities research analysts expect that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $1.565 dividend. This represents a $6.26 annualized dividend and a yield of 5.33%. The ex-dividend date is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

Wall Street Analysts Forecast Growth

CCI has been the topic of several recent analyst reports. The Goldman Sachs Group began coverage on Crown Castle in a research report on Monday, July 1st. They set a “neutral” rating and a $104.00 price target on the stock. TD Cowen raised their price target 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. JPMorgan Chase & Co. upped their price objective on shares of Crown Castle from $115.00 to $124.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada lifted 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 note on Thursday, July 25th. Finally, Bank of America upped their price target on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $114.33.

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.