Crown Castle (NYSE:CCI) Shares Gap Down – What’s Next?

Crown Castle Inc. (NYSE:CCI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $104.31, but opened at $101.52. Crown Castle shares last traded at $100.73, with a volume of 1,238,166 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CCI. Wolfe Research raised Crown Castle from an “underperform” rating to a “peer perform” rating in a research note on Monday, March 17th. Raymond James raised shares of Crown Castle from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $128.00 to $122.00 in a report on Friday, March 14th. Citigroup upped their price objective on shares of Crown Castle from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Wells Fargo & Company raised Crown Castle from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $85.00 to $105.00 in a research note on Monday, March 17th. Finally, Argus raised Crown Castle to a “hold” rating in a research report on Friday. Eleven research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Crown Castle has a consensus rating of “Moderate Buy” and an average price target of $110.00.

Crown Castle Trading Down 3.5 %

The stock has a 50-day moving average of $93.15 and a two-hundred day moving average of $100.97. The company has a market cap of $43.84 billion, a P/E ratio of 35.70 and a beta of 0.89. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $1.565 dividend. This represents a $6.26 annualized dividend and a dividend yield of 6.22%. The ex-dividend date is Friday, March 14th. Crown Castle’s dividend payout ratio is presently -69.71%.

Hedge Funds Weigh In On Crown Castle

A number of hedge funds have recently bought and sold shares of CCI. Twin Tree Management LP bought a new position in shares of Crown Castle in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC lifted its position in Crown Castle by 300.0% in the 4th quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Crown Castle during the 4th quarter valued at $37,000. Vermillion Wealth Management Inc. purchased a new stake in Crown Castle during the 4th quarter valued at $38,000. Finally, Marshall Investment Management LLC bought a new stake in shares of Crown Castle in the 4th quarter worth $50,000. Institutional investors own 90.77% of the company’s stock.

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.