Wells Fargo & Company Raises Crown Castle (NYSE:CCI) Price Target to $105.00

Crown Castle (NYSE:CCI) had its target price raised by equities research analysts at Wells Fargo & Company from $100.00 to $105.00 in a report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective points to a potential downside of 6.57% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. TD Cowen decreased their price objective on Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group upped their target price on Crown Castle from $103.00 to $118.00 and gave the company a “neutral” rating in a research note on Thursday. BMO Capital Markets lifted their price target on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research note on Thursday, July 18th. Finally, Bank of America increased their price objective 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. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Crown Castle has a consensus rating of “Hold” and an average target price of $116.47.

Crown Castle Stock Performance

Shares of NYSE CCI opened at $112.38 on Friday. Crown Castle has a 12 month low of $84.72 and a 12 month high of $120.92. The company has a market cap of $48.83 billion, a P/E ratio of 35.12 and a beta of 0.85. The business’s 50 day moving average is $114.03 and its two-hundred day moving average is $105.12. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the firm posted $1.77 EPS. The company’s revenue was down .9% compared to the same quarter last year. On average, equities analysts expect that Crown Castle will post 6.65 EPS for the current year.

Insider Buying and Selling

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 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crown Castle

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in Crown Castle by 0.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 51,962 shares of the real estate investment trust’s stock worth $6,164,000 after purchasing an additional 426 shares during the last quarter. OLD National Bancorp IN raised its position in shares of Crown Castle by 6.3% during the third quarter. OLD National Bancorp IN now owns 96,842 shares of the real estate investment trust’s stock worth $11,488,000 after acquiring an additional 5,724 shares during the last quarter. New Century Financial Group LLC lifted its stake in shares of Crown Castle by 4.8% during the third quarter. New Century Financial Group LLC now owns 2,645 shares of the real estate investment trust’s stock valued at $314,000 after acquiring an additional 122 shares during the period. Ferguson Wellman Capital Management Inc. boosted its holdings in Crown Castle by 83.5% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 384,805 shares of the real estate investment trust’s stock valued at $45,649,000 after acquiring an additional 175,086 shares during the last quarter. Finally, Friedenthal Financial acquired a new stake in Crown Castle in the third quarter worth about $50,000. 90.77% of the stock is owned by institutional investors.

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.