Atomi Financial Group Inc. Makes New Investment in Crown Castle Inc. (NYSE:CCI)

Atomi Financial Group Inc. purchased a new stake in shares of Crown Castle Inc. (NYSE:CCI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,815 shares of the real estate investment trust’s stock, valued at approximately $334,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CCI. Ables Iannone Moore & Associates Inc. acquired a new position in Crown Castle during the 4th quarter valued at about $25,000. EntryPoint Capital LLC acquired a new position in shares of Crown Castle during the first quarter valued at approximately $27,000. Asset Dedication LLC increased its stake 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 valued at $27,000 after acquiring an additional 167 shares during the period. Richardson Financial Services Inc. bought a new stake in Crown Castle during the fourth quarter worth approximately $30,000. Finally, Beacon Capital Management LLC lifted its position in 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 worth $30,000 after purchasing an additional 177 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. TD Cowen boosted their price target on shares of Crown Castle from $124.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. Barclays boosted their target price on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Bank of America raised their target price on shares of Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle has an average rating of “Hold” and a consensus price target of $115.67.

Crown Castle Stock Performance

Shares of CCI stock opened at $110.81 on Friday. The company has a market capitalization of $48.15 billion, a price-to-earnings ratio of 40.59 and a beta of 0.85. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $120.92. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04. The stock’s fifty day simple moving average is $113.84 and its 200-day simple moving average is $104.82.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. The company 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 firm’s quarterly revenue was down 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 EPS. On average, sell-side analysts predict that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.65%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio is currently 229.30%.

Insider Transactions at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of Crown Castle stock in a transaction 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 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is currently owned by company insiders.

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.