SEB Asset Management AB Takes Position in Crown Castle Inc. $CCI

SEB Asset Management AB acquired a new position in shares of Crown Castle Inc. (NYSE:CCI) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 89,430 shares of the real estate investment trust’s stock, valued at approximately $7,272,000.

Other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC increased its position in Crown Castle by 7.5% during the first quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock worth $1,714,000 after buying an additional 1,150 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Crown Castle by 6.9% during the second quarter. First Trust Advisors LP now owns 87,611 shares of the real estate investment trust’s stock valued at $9,000,000 after acquiring an additional 5,630 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Crown Castle by 3.7% during the second quarter. Baird Financial Group Inc. now owns 7,655 shares of the real estate investment trust’s stock valued at $786,000 after acquiring an additional 272 shares during the last quarter. Jump Financial LLC increased its position in Crown Castle by 49.3% during the 2nd quarter. Jump Financial LLC now owns 10,913 shares of the real estate investment trust’s stock worth $1,121,000 after purchasing an additional 3,603 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in Crown Castle by 5.6% during the 2nd quarter. Federated Hermes Inc. now owns 4,955 shares of the real estate investment trust’s stock worth $509,000 after purchasing an additional 261 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Trading Down 2.5%

CCI stock opened at $76.20 on Wednesday. The stock has a 50-day moving average price of $85.10 and a two-hundred day moving average price of $85.99. Crown Castle Inc. has a 12-month low of $73.75 and a 12-month high of $115.76. The company has a market cap of $33.26 billion, a PE ratio of 31.49, a price-to-earnings-growth ratio of 0.40 and a beta of 0.95.

Crown Castle (NYSE:CCI) last released its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.55. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $995.41 million. Crown Castle had a negative return on equity of 64.64% and a net margin of 25.13%.The company’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same period last year, the business posted $1.10 EPS. Equities analysts forecast that Crown Castle Inc. will post 4.22 EPS for the current fiscal year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Monday, June 15th. Crown Castle’s dividend payout ratio is 175.62%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CCI shares. Jefferies Financial Group upped their target price on shares of Crown Castle from $84.00 to $89.00 and gave the company a “hold” rating in a report on Tuesday, April 14th. The Goldman Sachs Group assumed coverage on shares of Crown Castle in a report on Friday, June 26th. They set a “neutral” rating and a $95.00 price target for the company. Barclays upped their price objective on shares of Crown Castle from $91.00 to $92.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Crown Castle from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Truist Financial assumed coverage on shares of Crown Castle in a research note on Tuesday, March 31st. They issued a “hold” rating and a $90.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, Crown Castle has an average rating of “Moderate Buy” and a consensus target price of $98.52.

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.