Legal & General Group Plc Has $542.42 Million Stake in Crown Castle Inc. $CCI

Legal & General Group Plc raised its stake in Crown Castle Inc. (NYSE:CCI) by 4.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,621,490 shares of the real estate investment trust’s stock after buying an additional 232,549 shares during the period. Legal & General Group Plc owned 1.29% of Crown Castle worth $542,418,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Winnow Wealth LLC acquired a new position in Crown Castle during the second quarter worth $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Crown Castle in the second quarter worth $27,000. LRI Investments LLC purchased a new position in Crown Castle in the third quarter worth $29,000. Cornerstone Planning Group LLC boosted its position in Crown Castle by 269.9% during the third quarter. Cornerstone Planning Group LLC now owns 381 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 278 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Crown Castle during the third quarter worth about $44,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on CCI shares. Sanford C. Bernstein assumed coverage on Crown Castle in a research report on Thursday, March 5th. They set an “outperform” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Raymond James Financial cut their target price on Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 23rd. The Goldman Sachs Group decreased their target price on Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. Finally, UBS Group decreased their target price on shares of Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Crown Castle has a consensus rating of “Moderate Buy” and a consensus target price of $100.13.

Insider Buying and Selling at Crown Castle

In other news, VP Robert Sean Collins sold 3,000 shares of Crown Castle stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $87.49, for a total value of $262,470.00. Following the transaction, the vice president directly owned 5,800 shares of the company’s stock, valued at $507,442. The trade was a 34.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of Crown Castle stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the sale, the executive vice president directly owned 25,183 shares in the company, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.10% of the stock is owned by insiders.

Crown Castle Price Performance

NYSE CCI opened at $88.52 on Wednesday. The firm’s fifty day moving average price is $87.34 and its 200 day moving average price is $91.11. Crown Castle Inc. has a 12 month low of $77.01 and a 12 month high of $115.76. The company has a market capitalization of $38.60 billion, a price-to-earnings ratio of 87.64, a price-to-earnings-growth ratio of 0.45 and a beta of 0.96.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $1.0625 per share. The ex-dividend date is Friday, March 13th. This represents a $4.25 annualized dividend and a dividend yield of 4.8%. Crown Castle’s dividend payout ratio (DPR) is 420.79%.

Crown Castle Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.