Mirae Asset Global Investments Co. Ltd. Raises Stake in Crown Castle Inc. (NYSE:CCI)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 25.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,784 shares of the real estate investment trust’s stock after buying an additional 9,871 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Crown Castle were worth $5,689,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Daiwa Securities Group Inc. grew its position in Crown Castle by 4,097.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,524,226 shares of the real estate investment trust’s stock worth $246,617,000 after purchasing an additional 2,464,094 shares during the period. M&G Plc acquired a new stake in Crown Castle during the first quarter valued at $221,573,000. Bank of Montreal Can increased its holdings in Crown Castle by 191.7% in the second quarter. Bank of Montreal Can now owns 2,032,521 shares of the real estate investment trust’s stock valued at $195,183,000 after buying an additional 1,335,644 shares in the last quarter. Cooke & Bieler LP raised its position in shares of Crown Castle by 95.8% in the second quarter. Cooke & Bieler LP now owns 2,578,932 shares of the real estate investment trust’s stock worth $251,962,000 after acquiring an additional 1,261,536 shares during the period. Finally, Capital International Investors boosted its stake in shares of Crown Castle by 68,262.1% during the 1st quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock worth $131,239,000 after acquiring an additional 1,238,274 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on CCI shares. Bank of America lifted their price target on Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. TD Cowen decreased their price target on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Citigroup set a $128.00 price objective on shares of Crown Castle in a report on Thursday, October 17th. BMO Capital Markets boosted their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada increased their price target on Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a report on Monday. Twelve research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $116.80.

Crown Castle Trading Up 0.1 %

Shares of CCI stock opened at $109.05 on Tuesday. The company has a 50-day moving average of $114.04 and a two-hundred day moving average of $105.57. The firm has a market cap of $47.39 billion, a PE ratio of 38.67 and a beta of 0.85. Crown Castle Inc. has a 1-year low of $88.61 and a 1-year high of $120.92. The company has a debt-to-equity ratio of 4.43, a current ratio of 0.54 and a quick ratio of 0.43.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). The company 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%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the business posted $1.77 EPS. On average, analysts predict that Crown Castle Inc. will post 6.65 EPS for the current year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $1.565 dividend. The ex-dividend date was Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.74%. Crown Castle’s dividend payout ratio is presently 221.99%.

Crown Castle Company 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.