Crown Castle Inc. $CCI Shares Sold by London Co. of Virginia

London Co. of Virginia cut its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 3.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,841,108 shares of the real estate investment trust’s stock after selling 102,424 shares during the period. Crown Castle comprises about 1.5% of London Co. of Virginia’s portfolio, making the stock its 24th biggest position. London Co. of Virginia owned about 0.65% of Crown Castle worth $274,141,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Winnow Wealth LLC acquired a new position in shares of Crown Castle in the second quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in Crown Castle during the 2nd quarter worth approximately $27,000. LRI Investments LLC acquired a new stake in Crown Castle during the 3rd quarter worth approximately $29,000. Cornerstone Planning Group LLC boosted its position in Crown Castle by 269.9% in the 3rd 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 position in Crown Castle in the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Trading Up 0.0%

Shares of CCI opened at $87.50 on Tuesday. The firm has a market capitalization of $38.16 billion, a price-to-earnings ratio of 86.64, a PEG ratio of 0.44 and a beta of 0.96. The firm’s fifty day simple moving average is $87.21 and its 200-day simple moving average is $90.73. Crown Castle Inc. has a twelve month low of $77.01 and a twelve month high of $115.76.

Crown Castle Announces Dividend

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 $1.0625 dividend. The ex-dividend date is Friday, March 13th. This represents a $4.25 dividend on an annualized basis and a dividend yield of 4.9%. Crown Castle’s dividend payout ratio is presently 420.79%.

Analyst Ratings Changes

A number of research firms have recently weighed in on CCI. Raymond James Financial cut their price objective on Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. New Street Research lowered Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 target price for the company. in a report on Monday, January 5th. JPMorgan Chase & Co. cut their price target on Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Scotiabank reduced their price target on Crown Castle from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 5th. Finally, Zacks Research upgraded Crown Castle from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $100.13.

Insider Buying and Selling

In other news, VP Robert Sean Collins sold 3,000 shares of the business’s 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 completion of the sale, the vice president directly owned 5,800 shares of the company’s stock, valued at approximately $507,442. The trade was a 34.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total value of $401,481.00. Following the completion of the sale, the executive vice president owned 25,183 shares of the company’s stock, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their position. The SEC filing for this sale provides additional information. 0.10% of the stock is currently owned by company insiders.

About Crown Castle

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.