Exchange Traded Concepts LLC Buys New Holdings in Crown Castle Inc. (NYSE:CCI)

Exchange Traded Concepts LLC purchased a new position in shares of Crown Castle Inc. (NYSE:CCI) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,011 shares of the real estate investment trust’s stock, valued at approximately $120,000.

Other large investors also recently modified their holdings of the company. BOKF NA increased its position in Crown Castle by 25.6% during the 1st 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. grew its stake in 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 worth $98,570,000 after buying an additional 8,136 shares during the period. Global Assets Advisory LLC acquired a new stake in shares of Crown Castle in the first quarter worth $4,425,000. O Shaughnessy Asset Management LLC increased 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 acquiring an additional 8,346 shares in the last quarter. Finally, Norden Group LLC purchased a new position in shares of Crown Castle in the 1st quarter valued at $1,804,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Down 0.4 %

Crown Castle stock opened at $109.77 on Wednesday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.43 and a current ratio of 0.54. Crown Castle Inc. has a one year low of $84.72 and a one year high of $120.92. The company has a 50-day simple moving average of $114.01 and a 200-day simple moving average of $105.26. The firm has a market capitalization of $47.70 billion, a P/E ratio of 38.93 and a beta of 0.85.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing the consensus estimate of $1.73 by ($1.03). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. Crown Castle’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. As a group, equities analysts expect that Crown Castle Inc. will post 6.65 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $1.565 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.70%. Crown Castle’s payout ratio is 221.99%.

Wall Street Analysts Forecast Growth

CCI has been the subject of several analyst reports. Jefferies Financial Group upped their target price on Crown Castle from $123.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted 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, September 23rd. Bank of America upped their target price on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. UBS Group lifted their price target on shares of Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays boosted their price objective on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $116.47.

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.