Crown Castle (NYSE:CCI) Price Target Raised to $124.00 at JPMorgan Chase & Co.

Crown Castle (NYSE:CCI) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $115.00 to $124.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 7.26% from the company’s current price.

Other equities research analysts have also issued reports about the company. BMO Capital Markets increased their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. TD Cowen lifted their price objective on shares of Crown Castle from $124.00 to $127.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Bank of America upped 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. Royal Bank of Canada lifted their price target on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $114.33.

Crown Castle Stock Up 0.2 %

Shares of CCI stock traded up $0.28 on Monday, hitting $115.61. The stock had a trading volume of 124,749 shares, compared to its average volume of 2,638,982. Crown Castle has a 52-week low of $84.72 and a 52-week high of $120.92. The firm has a market capitalization of $50.24 billion, a price-to-earnings ratio of 36.16 and a beta of 0.85. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43. The stock’s 50 day moving average is $111.58 and its 200-day moving average is $104.00.

Crown Castle (NYSE:CCI) last posted 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 analysts’ expectations of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The firm’s quarterly revenue was down 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 earnings per share. As a group, research analysts expect that Crown Castle will post 6.64 earnings per share for the current year.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the transaction, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Crown Castle

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. acquired a new position in Crown Castle during the fourth quarter valued at $25,000. EntryPoint Capital LLC acquired a new position in shares of Crown Castle in the 1st quarter valued at about $27,000. Richardson Financial Services Inc. purchased a new stake in shares of Crown Castle in the fourth quarter worth approximately $30,000. Asset Dedication LLC boosted its holdings in shares of Crown Castle by 159.0% during the second quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 167 shares during the period. Finally, Beacon Capital Management LLC grew its position in Crown Castle by 163.9% during 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 hedge funds and other institutional investors.

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.