Crown Castle Inc. $CCI Shares Acquired by Sei Investments Co.

Sei Investments Co. lifted its position in shares of Crown Castle Inc. (NYSE:CCI) by 5.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,756,088 shares of the real estate investment trust’s stock after buying an additional 95,453 shares during the quarter. Sei Investments Co.’s holdings in Crown Castle were worth $169,445,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CCI. Vanguard Group Inc. raised its holdings in Crown Castle by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust’s stock valued at $7,118,201,000 after acquiring an additional 449,776 shares during the last quarter. State Street Corp boosted its holdings in shares of Crown Castle by 0.5% during the second quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust’s stock worth $2,204,748,000 after purchasing an additional 110,050 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Crown Castle by 3.0% in the third quarter. Dimensional Fund Advisors LP now owns 6,185,915 shares of the real estate investment trust’s stock valued at $596,876,000 after purchasing an additional 177,896 shares during the period. Norges Bank purchased a new stake in shares of Crown Castle in the second quarter valued at $629,431,000. Finally, Legal & General Group Plc increased its stake in Crown Castle by 4.3% in the third quarter. Legal & General Group Plc now owns 5,621,490 shares of the real estate investment trust’s stock valued at $542,418,000 after purchasing an additional 232,549 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

Shares of NYSE:CCI opened at $86.07 on Friday. The firm has a market capitalization of $37.53 billion, a PE ratio of 85.22, a P/E/G ratio of 0.44 and a beta of 0.96. The business has a 50-day moving average of $87.26 and a two-hundred day moving average of $91.05. Crown Castle Inc. has a 12 month low of $77.01 and a 12 month high of $115.76.

Crown Castle Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 4.9%. Crown Castle’s payout ratio is presently 420.79%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CCI. Wells Fargo & Company reduced their target price on Crown Castle from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Thursday, February 5th. KeyCorp dropped their price objective on shares of Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Raymond James Financial cut their price objective on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a report on Friday, January 23rd. New Street Research cut shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 target price on the stock. in a research report on Monday, January 5th. Finally, HSBC lowered their target price on shares of Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.13.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the completion of the sale, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This represents a 34.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the firm’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 transaction of $401,481.00. Following the completion of the transaction, the executive vice president owned 25,183 shares in the company, valued at $2,174,300.22. The trade was a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by corporate 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.