CROWN CASTLE IN/SH SH (CCI) Reaches New 12-Month High on Analyst Upgrade

CROWN CASTLE IN/SH SH (NYSE:CCI) shares reached a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $119.00 to $133.00. Bank of America currently has a buy rating on the stock. CROWN CASTLE IN/SH SH traded as high as $126.10 and last traded at $125.77, with a volume of 1617666 shares changing hands. The stock had previously closed at $124.57.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Co raised their price target on shares of CROWN CASTLE IN/SH SH from $123.00 to $129.00 and gave the company an “outperform” rating in a research report on Wednesday, December 12th. Raymond James raised shares of CROWN CASTLE IN/SH SH from a “mkt perform” rating to an “outperform” rating in a research report on Thursday, January 3rd. Macquarie lowered shares of CROWN CASTLE IN/SH SH from an “outperform” rating to a “neutral” rating in a research report on Tuesday, February 12th. Goldman Sachs Group lowered shares of CROWN CASTLE IN/SH SH from a “buy” rating to a “neutral” rating and set a $110.00 price target on the stock. in a research report on Monday, January 14th. Finally, Zacks Investment Research raised shares of CROWN CASTLE IN/SH SH from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. CROWN CASTLE IN/SH SH presently has a consensus rating of “Hold” and a consensus price target of $120.58.

In other CROWN CASTLE IN/SH SH news, SVP Michael Joseph Kavanagh sold 2,500 shares of CROWN CASTLE IN/SH SH stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $120.06, for a total value of $300,150.00. Following the sale, the senior vice president now owns 38,471 shares of the company’s stock, valued at $4,618,828.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Edward C. Hutcheson, Jr. acquired 350 shares of the stock in a transaction on Friday, February 8th. The stock was bought at an average cost of $117.95 per share, for a total transaction of $41,282.50. Following the transaction, the director now owns 59,187 shares of the company’s stock, valued at approximately $6,981,106.65. The disclosure for this purchase can be found here. Insiders own 0.36% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CCI. Magellan Asset Management Ltd increased its stake in shares of CROWN CASTLE IN/SH SH by 0.6% in the fourth quarter. Magellan Asset Management Ltd now owns 12,663,576 shares of the real estate investment trust’s stock worth $1,375,644,000 after purchasing an additional 69,936 shares in the last quarter. Norges Bank purchased a new position in shares of CROWN CASTLE IN/SH SH in the fourth quarter worth about $347,360,000. Actinver Wealth Management Inc. purchased a new position in shares of CROWN CASTLE IN/SH SH in the fourth quarter worth about $311,000. Massmutual Trust Co. FSB ADV increased its stake in shares of CROWN CASTLE IN/SH SH by 4.4% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 24,089 shares of the real estate investment trust’s stock worth $2,617,000 after purchasing an additional 1,026 shares in the last quarter. Finally, Aspire Private Capital LLC purchased a new position in shares of CROWN CASTLE IN/SH SH in the fourth quarter worth about $855,000. 92.38% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $51.80 billion, a P/E ratio of 22.95, a P/E/G ratio of 1.44 and a beta of 0.41. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.38.

CROWN CASTLE IN/SH SH (NYSE:CCI) last released its quarterly earnings results on Wednesday, January 23rd. The real estate investment trust reported $0.44 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.44. CROWN CASTLE IN/SH SH had a net margin of 11.86% and a return on equity of 5.17%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. The company’s quarterly revenue was up 14.6% on a year-over-year basis. On average, analysts predict that CROWN CASTLE IN/SH SH will post 5.6 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $1.125 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $4.50 dividend on an annualized basis and a yield of 3.58%. CROWN CASTLE IN/SH SH’s dividend payout ratio is presently 82.12%.

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CROWN CASTLE IN/SH SH Company Profile (NYSE:CCI)

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 65,000 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.

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