Magnolia Capital Management Ltd. Reduces Stock Position in Crown Castle Inc. (NYSE:CCI)

Magnolia Capital Management Ltd. cut its holdings in Crown Castle Inc. (NYSE:CCI) by 7.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,310 shares of the real estate investment trust’s stock after selling 335 shares during the period. Magnolia Capital Management Ltd.’s holdings in Crown Castle were worth $391,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Catalyst Capital Advisors LLC purchased a new position in Crown Castle during the third quarter worth $25,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Crown Castle by 107.9% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 136 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Crown Castle by 300.0% during the 4th quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 300 shares during the period. Quest Partners LLC grew its holdings in Crown Castle by 3,672.7% during the 2nd quarter. Quest Partners LLC now owns 415 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 404 shares during the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in Crown Castle during the 3rd quarter valued at about $47,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Crown Castle Stock Down 0.1 %

Crown Castle stock opened at $86.61 on Thursday. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92. The business has a fifty day moving average of $97.57 and a two-hundred day moving average of $105.81. The firm has a market cap of $37.64 billion, a P/E ratio of 30.71 and a beta of 0.87. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. Crown Castle’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.77 EPS. On average, analysts forecast that Crown Castle Inc. will post 6.67 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $1.565 dividend. This represents a $6.26 dividend on an annualized basis and a dividend yield of 7.23%. The ex-dividend date of this dividend was Friday, December 13th. Crown Castle’s payout ratio is currently 221.99%.

Analysts Set New Price Targets

CCI has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. The Goldman Sachs Group boosted their price objective on Crown Castle from $105.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Jefferies Financial Group downgraded Crown Castle from a “buy” rating to a “hold” rating and cut their price objective for the company from $127.00 to $84.00 in a research report on Thursday, January 2nd. Citigroup set a $128.00 target price on Crown Castle in a research report on Thursday, October 17th. Finally, Wells Fargo & Company cut shares of Crown Castle from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $105.00 to $100.00 in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Crown Castle currently has an average rating of “Hold” and an average target price of $113.00.

Crown Castle Company Profile

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.