Crown Castle Inc. (NYSE:CCI) Shares Sold by Tevis Investment Management

Tevis Investment Management reduced its stake in Crown Castle Inc. (NYSE:CCI) by 30.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,129 shares of the real estate investment trust’s stock after selling 2,625 shares during the quarter. Tevis Investment Management’s holdings in Crown Castle were worth $727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CCI. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Crown Castle by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock valued at $98,570,000 after purchasing an additional 8,136 shares during the period. Norden Group LLC purchased a new position in Crown Castle in the 1st quarter valued at approximately $1,804,000. Kovack Advisors Inc. grew its stake in shares of Crown Castle by 49.6% in the first quarter. Kovack Advisors Inc. now owns 13,382 shares of the real estate investment trust’s stock worth $1,416,000 after acquiring an additional 4,437 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in shares of Crown Castle by 13.0% during the first quarter. First Trust Direct Indexing L.P. now owns 14,527 shares of the real estate investment trust’s stock worth $1,537,000 after acquiring an additional 1,671 shares during the period. Finally, Legacy Wealth Asset Management LLC raised its stake in shares of Crown Castle by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 7,568 shares of the real estate investment trust’s stock valued at $801,000 after acquiring an additional 258 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Performance

Shares of CCI stock opened at $107.81 on Thursday. Crown Castle Inc. has a 1 year low of $90.81 and a 1 year high of $120.92. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.43 and a current ratio of 0.54. The firm has a market cap of $46.85 billion, a price-to-earnings ratio of 38.23 and a beta of 0.85. The stock’s 50-day moving average is $113.93 and its two-hundred day moving average is $105.65.

Crown Castle (NYSE:CCI) last released 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 firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the prior year, the business earned $1.77 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. Analysts predict that Crown Castle Inc. will post 6.65 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date was Friday, September 13th. Crown Castle’s dividend payout ratio is currently 221.99%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Bank of America boosted their target price on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group lifted their price target on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. TD Cowen lowered their price target on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Finally, Citigroup set a $128.00 price objective on shares of Crown Castle in a report on Thursday, October 17th. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Crown Castle currently has a consensus rating of “Hold” and an average price target of $116.80.

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.