Crown Castle Inc. (NYSE:CCI) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 36.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 156,157 shares of the real estate investment trust’s stock after selling 88,071 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Crown Castle were worth $15,257,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CCI. Linscomb Wealth Inc. boosted its holdings in Crown Castle by 1.1% during the second quarter. Linscomb Wealth Inc. now owns 54,267 shares of the real estate investment trust’s stock worth $5,302,000 after buying an additional 566 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Crown Castle by 4,097.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,524,226 shares of the real estate investment trust’s stock worth $246,617,000 after acquiring an additional 2,464,094 shares in the last quarter. Provident Investment Management Inc. grew its holdings in shares of Crown Castle by 14.2% in the 2nd quarter. Provident Investment Management Inc. now owns 5,880 shares of the real estate investment trust’s stock worth $574,000 after acquiring an additional 730 shares during the period. Andra AP fonden increased its stake in Crown Castle by 16.5% in the 2nd quarter. Andra AP fonden now owns 133,500 shares of the real estate investment trust’s stock valued at $13,043,000 after purchasing an additional 18,900 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in Crown Castle by 3.8% during the second quarter. Royal London Asset Management Ltd. now owns 202,701 shares of the real estate investment trust’s stock worth $19,804,000 after purchasing an additional 7,357 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares in the company, valued at approximately $7,792,172.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.39% of the stock is owned by company insiders.

Crown Castle Stock Down 0.2 %

CCI stock opened at $118.84 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 4.04. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.31. The company has a 50 day moving average of $109.77 and a two-hundred day moving average of $103.83. The company has a market cap of $51.64 billion, a price-to-earnings ratio of 37.14 and a beta of 0.85.

Crown Castle (NYSE:CCI) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the company earned $2.05 earnings per share. The business’s revenue was down 12.9% compared to the same quarter last year. On average, equities analysts anticipate that Crown Castle Inc. will post 6.64 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $1.565 per share. The ex-dividend date is Friday, September 13th. This represents a $6.26 annualized dividend and a dividend yield of 5.27%. Crown Castle’s payout ratio is 195.63%.

Analysts Set New Price Targets

Several research firms have recently issued reports on CCI. Deutsche Bank Aktiengesellschaft raised their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group started coverage on Crown Castle in a research note on Monday, July 1st. They issued a “neutral” rating and a $104.00 price objective on the stock. BMO Capital Markets increased their target price on shares of Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Bank of America lifted their price target on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada increased their target price on Crown Castle from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $113.53.

About Crown Castle

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.