Bank of America Lowers Crown Castle (NYSE:CCI) Price Target to $105.00

Crown Castle (NYSE:CCI) had its target price reduced by equities research analysts at Bank of America from $120.00 to $105.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Bank of America‘s price objective suggests a potential upside of 11.26% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Scotiabank lowered their target price on Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a research note on Thursday. Royal Bank of Canada increased their target price on Crown Castle from $92.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 21st. Argus downgraded Crown Castle from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group cut their price target on Crown Castle from $126.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday. Finally, BMO Capital Markets cut their price target on Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a report on Thursday. Ten 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.com, the company presently has a consensus rating of “Hold” and an average target price of $118.73.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $94.37 on Friday. The firm has a market capitalization of $41.01 billion, a PE ratio of 29.49, a P/E/G ratio of 2.48 and a beta of 0.73. The company has a debt-to-equity ratio of 3.46, a current ratio of 0.40 and a quick ratio of 0.40. The business has a 50-day moving average of $105.15 and a two-hundred day moving average of $105.07. Crown Castle has a 12 month low of $84.72 and a 12 month high of $134.09.

Crown Castle (NYSE:CCI) last announced its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.71 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a return on equity of 20.78% and a net margin of 20.32%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the company earned $1.91 earnings per share. The business’s revenue was down 7.4% compared to the same quarter last year. As a group, research analysts forecast that Crown Castle will post 6.59 earnings per share for the current year.

Hedge Funds Weigh In On Crown Castle

Several hedge funds have recently modified their holdings of the company. Morgan Stanley increased its position in shares of Crown Castle by 8.9% during the 3rd quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock valued at $1,203,648,000 after purchasing an additional 1,064,382 shares during the period. FMR LLC grew its holdings in shares of Crown Castle by 14.3% in the 3rd quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock worth $1,098,526,000 after acquiring an additional 1,496,330 shares during the last quarter. Cohen & Steers Inc. grew its holdings in shares of Crown Castle by 7.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,375,567 shares of the real estate investment trust’s stock worth $1,310,559,000 after acquiring an additional 834,198 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Crown Castle by 11.1% in the 4th quarter. Wellington Management Group LLP now owns 11,260,932 shares of the real estate investment trust’s stock worth $1,297,147,000 after acquiring an additional 1,126,394 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Crown Castle by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 9,046,249 shares of the real estate investment trust’s stock worth $1,208,030,000 after acquiring an additional 118,306 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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.