Bank of America Raises Crown Castle (NYSE:CCI) Price Target to $115.00

Crown Castle (NYSE:CCI) had its target price lifted by Bank of America from $110.00 to $115.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s target price suggests a potential upside of 3.94% from the company’s previous close.

CCI has been the subject of several other reports. Royal Bank of Canada boosted their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Wells Fargo & Company lowered their target price on Crown Castle from $115.00 to $100.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Jefferies Financial Group lowered their target price on Crown Castle from $126.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Argus cut Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Finally, Barclays boosted their target price on Crown Castle from $111.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 23rd. Twelve research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $113.53.

Crown Castle Trading Down 0.1 %

Crown Castle stock traded down $0.09 during trading on Tuesday, reaching $110.64. 465,056 shares of the company were exchanged, compared to its average volume of 2,738,066. Crown Castle has a 52-week low of $84.72 and a 52-week high of $119.50. The company has a debt-to-equity ratio of 4.04, a current ratio of 0.43 and a quick ratio of 0.43. The stock’s 50 day simple moving average is $102.42 and its two-hundred day simple moving average is $102.85. The company has a market capitalization of $48.08 billion, a P/E ratio of 34.62 and a beta of 0.83.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data 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. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. The company’s revenue was down 12.9% on a year-over-year basis. On average, equities research analysts expect that Crown Castle will post 6.63 earnings per share for the current fiscal year.

Insider Activity at Crown Castle

In related news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 75,127 shares of the company’s stock, valued at approximately $7,792,172.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.39% of the company’s stock.

Institutional Trading of Crown Castle

A number of hedge funds have recently added to or reduced their stakes in CCI. Norges Bank acquired a new stake in Crown Castle during the 4th quarter worth approximately $581,503,000. Daiwa Securities Group Inc. lifted 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 acquiring an additional 2,464,094 shares during the period. M&G Plc acquired a new stake in Crown Castle during the 1st quarter worth approximately $221,573,000. Mizuho Markets Americas LLC acquired a new stake in Crown Castle during the 4th quarter worth approximately $201,582,000. Finally, Balyasny Asset Management L.P. lifted its position in Crown Castle by 18,200.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock worth $190,231,000 after acquiring an additional 1,642,432 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

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.