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

Crown Castle (NYSE:CCI) had its target price boosted by JPMorgan Chase & Co. from $115.00 to $124.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other brokerages have also commented on CCI. BMO Capital Markets increased their price objective on Crown Castle from $105.00 to $108.00 and gave the company a market perform rating in a report on Thursday, July 18th. TD Cowen increased their price target on Crown Castle from $124.00 to $127.00 and gave the company a buy rating in a research note on Thursday, July 18th. Raymond James restated an outperform rating and set a $126.00 price target (up previously from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. The Goldman Sachs Group started coverage on shares of Crown Castle in a research report on Monday, July 1st. They issued a neutral rating and a $104.00 price objective for the company. Finally, Royal Bank of Canada boosted their target price on shares of Crown Castle from $100.00 to $104.00 and gave the stock a sector perform rating in a research report on Thursday, July 25th. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Crown Castle currently has an average rating of Hold and a consensus price target of $115.40.

Crown Castle Price Performance

CCI opened at $114.78 on Monday. The firm has a market capitalization of $49.88 billion, a PE ratio of 35.87 and a beta of 0.85. 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 business’s 50-day moving average is $112.35 and its two-hundred day moving average is $104.16. Crown Castle has a 1 year low of $84.72 and a 1 year high of $120.92.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 EPS. Research analysts anticipate that Crown Castle 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 will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 5.45%. The ex-dividend date of this dividend is Friday, September 13th. Crown Castle’s dividend payout ratio is currently 195.63%.

Insider Activity

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

Hedge Funds Weigh In On Crown Castle

Several large investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC increased its holdings in Crown Castle by 2.4% in the second quarter. Pathway Financial Advisers LLC now owns 3,869 shares of the real estate investment trust’s stock valued at $376,000 after buying an additional 91 shares in the last quarter. Prosperity Consulting Group LLC increased its stake in shares of Crown Castle by 4.4% in the 2nd quarter. Prosperity Consulting Group LLC now owns 2,262 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 95 shares in the last quarter. Granite Investment Partners LLC raised its holdings in Crown Castle by 0.5% in the 2nd quarter. Granite Investment Partners LLC now owns 19,439 shares of the real estate investment trust’s stock worth $1,899,000 after purchasing an additional 100 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Crown Castle by 12.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 950 shares of the real estate investment trust’s stock worth $101,000 after purchasing an additional 108 shares during the period. Finally, Gilbert & Cook Inc. boosted its position in Crown Castle by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 3,083 shares of the real estate investment trust’s stock worth $355,000 after purchasing an additional 110 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.