Norway Savings Bank Cuts Holdings in Crown Castle Inc. (NYSE:CCI)

Norway Savings Bank cut its stake in Crown Castle Inc. (NYSE:CCI) by 15.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,449 shares of the real estate investment trust’s stock after selling 460 shares during the quarter. Norway Savings Bank’s holdings in Crown Castle were worth $222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in shares of Crown Castle by 23.8% during the 3rd quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock valued at $2,079,417,000 after purchasing an additional 3,371,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Crown Castle by 433.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,968,959 shares of the real estate investment trust’s stock valued at $470,838,000 after purchasing an additional 3,225,460 shares during the period. Daiwa Securities Group Inc. lifted its stake in shares of 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 valued at $246,617,000 after buying an additional 2,464,094 shares in the last quarter. Bank of Montreal Can boosted its holdings in Crown Castle by 191.7% in the 2nd quarter. Bank of Montreal Can now owns 2,032,521 shares of the real estate investment trust’s stock worth $195,183,000 after buying an additional 1,335,644 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Crown Castle by 13,271.6% in the 3rd quarter. International Assets Investment Management LLC now owns 973,185 shares of the real estate investment trust’s stock worth $115,449,000 after buying an additional 965,907 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCI has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price objective on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Barclays boosted their price target on Crown Castle from $116.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, November 1st. UBS Group lifted their price objective on shares of Crown Castle from $103.00 to $118.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. TD Cowen dropped their target price on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday, October 17th. Finally, Royal Bank of Canada raised their target price on shares of Crown Castle from $104.00 to $109.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $113.93.

Crown Castle Trading Down 1.1 %

CCI stock traded down $1.00 during midday trading on Tuesday, reaching $87.54. 1,601,908 shares of the company traded hands, compared to its average volume of 2,120,237. The firm has a market capitalization of $38.04 billion, a price-to-earnings ratio of 31.04 and a beta of 0.87. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The business has a 50 day moving average of $100.10 and a 200-day moving average of $106.24. Crown Castle Inc. has a 52-week low of $87.36 and a 52-week high of $120.92.

Crown Castle (NYSE:CCI) last issued its quarterly 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 20.98% and a net margin of 18.59%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the business earned $1.77 earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts expect that Crown Castle Inc. will post 6.66 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a yield of 7.15%. The ex-dividend date of this dividend was Friday, December 13th. Crown Castle’s dividend payout ratio (DPR) is currently 221.99%.

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.