Legacy Capital Wealth Partners LLC Makes New Investment in Crown Castle Inc. (NYSE:CCI)

Legacy Capital Wealth Partners LLC bought a new stake in Crown Castle Inc. (NYSE:CCI) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,917 shares of the real estate investment trust’s stock, valued at approximately $346,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Transcendent Capital Group LLC increased its position in shares of Crown Castle by 5,397.5% in the 3rd quarter. Transcendent Capital Group LLC now owns 6,652 shares of the real estate investment trust’s stock worth $789,000 after purchasing an additional 6,531 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in Crown Castle in the third quarter valued at about $241,000. Essex Savings Bank acquired a new stake in Crown Castle during the third quarter valued at approximately $251,000. Wealth Quarterback LLC bought a new position in Crown Castle during the 3rd quarter worth approximately $356,000. Finally, Assetmark Inc. grew its position in shares of Crown Castle by 24.1% in the 3rd quarter. Assetmark Inc. now owns 19,113 shares of the real estate investment trust’s stock worth $2,267,000 after acquiring an additional 3,717 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

Several equities analysts recently issued reports on the company. Citigroup set a $128.00 price objective on Crown Castle in a research note on Thursday, October 17th. Jefferies Financial Group lifted their price target on shares of Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Royal Bank of Canada increased their price objective on shares of Crown Castle from $104.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Bank of America upped their price objective on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, BMO Capital Markets increased their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $116.87.

Crown Castle Trading Up 1.6 %

Shares of NYSE CCI opened at $105.85 on Monday. The business has a fifty day simple moving average of $113.12 and a 200-day simple moving average of $106.23. The company has a market cap of $46.00 billion, a price-to-earnings ratio of 37.54 and a beta of 0.86. Crown Castle Inc. has a 12 month low of $92.48 and a 12 month high of $120.92. 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 released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a return on equity of 20.98% and a net margin of 18.59%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the business earned $1.77 earnings per share. The business’s revenue was down .9% on a year-over-year basis. Sell-side analysts predict that Crown Castle Inc. will post 6.65 EPS for the current year.

Crown Castle Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $1.565 per share. The ex-dividend date is Friday, December 13th. This represents a $6.26 dividend on an annualized basis and a yield of 5.91%. Crown Castle’s payout ratio is presently 221.99%.

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.