State of Michigan Retirement System Sells 400 Shares of Crown Castle Inc. (NYSE:CCI)

State of Michigan Retirement System reduced its position in Crown Castle Inc. (NYSE:CCI) by 0.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,952 shares of the real estate investment trust’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Crown Castle were worth $10,705,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CCI. Farther Finance Advisors LLC boosted its position in shares of Crown Castle by 13.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,071 shares of the real estate investment trust’s stock valued at $483,000 after acquiring an additional 468 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in Crown Castle during the third quarter worth about $47,000. Van ECK Associates Corp boosted its holdings in Crown Castle by 24.7% during the third quarter. Van ECK Associates Corp now owns 157,895 shares of the real estate investment trust’s stock valued at $17,476,000 after purchasing an additional 31,319 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Crown Castle by 17.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 135,752 shares of the real estate investment trust’s stock valued at $16,104,000 after purchasing an additional 19,691 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Crown Castle by 6.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 183,506 shares of the real estate investment trust’s stock worth $21,769,000 after buying an additional 11,328 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CCI shares. Moffett Nathanson decreased their price target on Crown Castle from $127.00 to $105.00 in a research note on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Crown Castle from $116.00 to $96.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Jefferies Financial Group cut shares of Crown Castle from a “buy” rating to a “hold” rating and dropped their target price for the stock from $127.00 to $84.00 in a research report on Thursday, January 2nd. Barclays upgraded shares of Crown Castle from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $117.00 to $104.00 in a research report on Monday, January 13th. Finally, Scotiabank cut their target price on shares of Crown Castle from $118.00 to $102.00 and set a “sector perform” rating for the company in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $108.75.

Crown Castle Stock Up 0.6 %

NYSE CCI opened at $94.79 on Thursday. The stock has a market capitalization of $41.20 billion, a P/E ratio of 33.61 and a beta of 0.88. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a fifty day moving average of $90.00 and a 200-day moving average of $102.07.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.565 per share. The ex-dividend date is Friday, March 14th. This represents a $6.26 annualized dividend and a yield of 6.60%. Crown Castle’s dividend payout ratio is currently 221.99%.

Crown Castle 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.