AlTi Global Inc. Sells 625 Shares of Crown Castle Inc. (NYSE:CCI)

AlTi Global Inc. lowered its stake in Crown Castle Inc. (NYSE:CCI) by 9.2% in the second quarter, Holdings Channel reports. The fund owned 6,148 shares of the real estate investment trust’s stock after selling 625 shares during the quarter. AlTi Global Inc.’s holdings in Crown Castle were worth $601,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Ables Iannone Moore & Associates Inc. bought a new position in Crown Castle in the 4th quarter valued at approximately $25,000. EntryPoint Capital LLC bought a new position in shares of Crown Castle in the 1st quarter valued at $27,000. Asset Dedication LLC boosted its holdings in shares of 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 acquiring an additional 167 shares in the last quarter. Richardson Financial Services Inc. bought a new stake in Crown Castle during the 4th quarter worth $30,000. Finally, Beacon Capital Management LLC grew its position in Crown Castle by 163.9% during the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 177 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CCI has been the topic of a number of recent research reports. Raymond James reissued an “outperform” rating and set a $126.00 price target (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Bank of America lifted 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 upped their price target on shares of Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research report on Thursday, July 18th. The Goldman Sachs Group began coverage on shares of Crown Castle in a research note on Monday, July 1st. They set a “neutral” rating and a $104.00 price target for the company. Finally, TD Cowen boosted their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $114.33.

Insiders Place Their Bets

In other 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 transaction of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares in the company, valued at $7,792,172.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Crown Castle Stock Down 0.5 %

Shares of NYSE:CCI opened at $116.79 on Thursday. Crown Castle Inc. has a 1 year low of $84.72 and a 1 year 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. The business’s 50-day moving average is $112.13 and its 200-day moving average is $104.07. The company has a market capitalization of $50.75 billion, a price-to-earnings ratio of 36.50 and a beta of 0.85.

Crown Castle (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.04. The firm had revenue of $1.63 billion for 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%. The company’s revenue was down 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.05 earnings per share. Equities research analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current year.

Crown Castle Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.36%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio is presently 195.63%.

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.