Mackenzie Financial Corp Sells 4,013 Shares of Crown Castle Inc. (NYSE:CCI)

Mackenzie Financial Corp cut its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 10.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,874 shares of the real estate investment trust’s stock after selling 4,013 shares during the period. Mackenzie Financial Corp’s holdings in Crown Castle were worth $3,505,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. bought a new position in Crown Castle during the fourth quarter worth about $25,000. EntryPoint Capital LLC bought a new position in Crown Castle during the first quarter worth about $27,000. Richardson Financial Services Inc. bought a new stake in shares of Crown Castle in the fourth quarter valued at about $30,000. Asset Dedication LLC lifted its holdings in shares of Crown Castle by 159.0% in the second 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 in the last quarter. Finally, Beacon Capital Management LLC lifted its holdings 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 valued at $30,000 after purchasing an additional 177 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the business’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 transaction of $1,128,784.76. Following the transaction, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.39% of the company’s stock.

Crown Castle Price Performance

Shares of NYSE CCI opened at $119.13 on Wednesday. The business’s 50 day moving average price is $113.37 and its two-hundred day moving average price is $104.35. The company has a market cap of $51.77 billion, a PE ratio of 37.23 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 Inc. has a twelve month low of $84.72 and a twelve month high of $120.92.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share 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 return on equity of 19.20% and a net margin of 17.98%. The business’s revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. On average, analysts predict that Crown Castle Inc. will post 6.64 EPS for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio (DPR) is presently 195.63%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CCI. TD Cowen boosted their price target on Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, July 18th. 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 report on Thursday, July 18th. The Goldman Sachs Group boosted their price target on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft boosted their price target on Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Finally, Raymond James restated an “outperform” rating and issued a $126.00 price target (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $115.40.

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.