Crown Castle Inc. (NYSE:CCI) Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans grew its stake in shares of Crown Castle Inc. (NYSE:CCI) by 17.7% during the second quarter, Holdings Channel reports. The institutional investor owned 982,165 shares of the real estate investment trust’s stock after acquiring an additional 147,386 shares during the period. Thrivent Financial for Lutherans’ holdings in Crown Castle were worth $95,957,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CCI. Bridges Investment Management Inc. acquired a new position in shares of Crown Castle during the second quarter valued at approximately $1,227,000. Granite Investment Partners LLC lifted its position in Crown Castle by 0.5% in the second quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock worth $1,899,000 after purchasing an additional 100 shares during the period. Ieq Capital LLC boosted its stake in Crown Castle by 5.7% during the 2nd quarter. Ieq Capital LLC now owns 21,552 shares of the real estate investment trust’s stock valued at $2,106,000 after purchasing an additional 1,171 shares in the last quarter. MQS Management LLC acquired a new position in shares of Crown Castle during the 2nd quarter valued at $841,000. Finally, Foresight Group Ltd Liability Partnership raised its stake in shares of Crown Castle by 15.8% in the 2nd quarter. Foresight Group Ltd Liability Partnership now owns 143,859 shares of the real estate investment trust’s stock worth $14,055,000 after buying an additional 19,641 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $115.33 on Friday. Crown Castle Inc. has a 12 month low of $84.72 and a 12 month high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock has a market cap of $50.11 billion, a PE ratio of 36.04 and a beta of 0.85. The business has a fifty day simple moving average of $111.58 and a 200-day simple moving average of $104.05.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion during 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 business’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same period last year, the company posted $2.05 EPS. On average, sell-side analysts anticipate that Crown Castle Inc. will post 6.64 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $1.565 dividend. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.43%. Crown Castle’s dividend payout ratio is presently 195.63%.

Insider Buying and Selling at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction on 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 completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BMO Capital Markets raised their target price on Crown Castle from $105.00 to $108.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Bank of America raised their price objective on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. TD Cowen lifted 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. Finally, Raymond James restated an “outperform” rating and issued a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a research report on Friday, June 14th. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $113.53.

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.