AMF Tjanstepension AB Purchases 8,604 Shares of Crown Castle Inc. (NYSE:CCI)

AMF Tjanstepension AB grew its position in shares of Crown Castle Inc. (NYSE:CCI) by 6.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 149,398 shares of the real estate investment trust’s stock after buying an additional 8,604 shares during the quarter. AMF Tjanstepension AB’s holdings in Crown Castle were worth $14,629,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Crown Castle during the fourth quarter valued at approximately $581,503,000. M&G Plc bought a new stake in shares of Crown Castle during the first quarter valued at approximately $221,573,000. Mizuho Markets Americas LLC bought a new stake in shares of Crown Castle during the fourth quarter valued at approximately $201,582,000. Balyasny Asset Management L.P. grew its stake in shares of Crown Castle by 18,200.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after purchasing an additional 1,642,432 shares during the last quarter. Finally, Capital International Investors grew its stake in shares of Crown Castle by 68,262.1% during the first quarter. Capital International Investors now owns 1,240,088 shares of the real estate investment trust’s stock valued at $131,239,000 after purchasing an additional 1,238,274 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CCI. The Goldman Sachs Group began coverage on shares of Crown Castle in a research note on Monday, July 1st. They set a “neutral” rating and a $104.00 price target on the stock. Raymond James reissued an “outperform” rating and set a $126.00 price target (up from $124.00) on shares of Crown Castle in a research note on Friday, June 14th. Barclays increased their price objective on shares of Crown Castle from $111.00 to $112.00 and gave the company an “equal weight” rating in a report on Tuesday, April 23rd. Scotiabank cut their price objective on shares of Crown Castle from $133.00 to $118.00 and set a “sector perform” rating on the stock in a report on Thursday, April 18th. Finally, Bank of America increased their price objective on shares of Crown Castle from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $113.20.

Insider Transactions at Crown Castle

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by insiders.

Crown Castle Stock Down 1.5 %

Shares of CCI stock traded down $1.70 during trading hours on Wednesday, hitting $111.27. 2,183,749 shares of the company were exchanged, compared to its average volume of 2,762,361. The business has a 50 day moving average of $101.61 and a two-hundred day moving average of $102.77. The company has a current ratio of 0.43, a quick ratio of 0.42 and a debt-to-equity ratio of 4.04. Crown Castle Inc. has a 52 week low of $84.72 and a 52 week high of $119.50. The company has a market capitalization of $48.35 billion, a PE ratio of 34.77 and a beta of 0.83.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. Crown Castle had a net margin of 17.98% and a return on equity of 19.20%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. The firm’s revenue was down 12.9% compared to the same quarter last year. Analysts anticipate that Crown Castle Inc. will post 6.63 earnings per share for the current fiscal year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.63%. The ex-dividend date was Friday, June 14th. Crown Castle’s dividend payout ratio is 195.63%.

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.