Intact Investment Management Inc. Decreases Stock Position in Crown Castle Inc. (NYSE:CCI)

Intact Investment Management Inc. cut its holdings in Crown Castle Inc. (NYSE:CCI) by 28.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,000 shares of the real estate investment trust’s stock after selling 12,700 shares during the period. Intact Investment Management Inc.’s holdings in Crown Castle were worth $3,686,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morgan Stanley lifted its holdings in Crown Castle by 8.9% in 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 in the last quarter. FMR LLC lifted its holdings in 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 valued at $1,098,526,000 after purchasing an additional 1,496,330 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Crown Castle by 21.9% in the 3rd quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock valued at $932,682,000 after purchasing an additional 1,818,910 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Crown Castle by 42.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock valued at $651,910,000 after purchasing an additional 2,121,603 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Crown Castle by 2.9% in the 3rd quarter. Legal & General Group Plc now owns 5,568,481 shares of the real estate investment trust’s stock valued at $512,467,000 after purchasing an additional 155,543 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CCI has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of Crown Castle from $115.00 to $100.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Bank of America dropped their price objective on shares of Crown Castle from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Scotiabank dropped their target price on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating for the company in a research report on Thursday, April 18th. Royal Bank of Canada increased their target price on shares of Crown Castle from $92.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 21st. Finally, Argus downgraded shares of Crown Castle from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $113.29.

Crown Castle Stock Down 0.7 %

NYSE:CCI traded down $0.63 during trading hours on Friday, hitting $93.58. The stock had a trading volume of 2,697,322 shares, compared to its average volume of 2,940,738. The company has a current ratio of 0.42, a quick ratio of 0.40 and a debt-to-equity ratio of 3.73. Crown Castle Inc. has a 1-year low of $84.72 and a 1-year high of $123.79. The business has a 50 day simple moving average of $103.65 and a two-hundred day simple moving average of $105.34. The company has a market cap of $40.66 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 2.49 and a beta of 0.73.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.92). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. Crown Castle had a net margin of 20.32% and a return on equity of 21.30%. The firm’s revenue was down 7.4% compared to the same quarter last year. During the same period last year, the business earned $1.91 EPS. Analysts predict that Crown Castle Inc. will post 6.59 EPS for the current year.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 6.69%. The ex-dividend date was Thursday, March 14th. Crown Castle’s dividend payout ratio (DPR) is currently 195.63%.

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.