Davis Selected Advisers Has $3.75 Million Stock Position in Crown Castle Inc. (NYSE:CCI)

Davis Selected Advisers lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 0.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 41,260 shares of the real estate investment trust’s stock after selling 290 shares during the quarter. Davis Selected Advisers’ holdings in Crown Castle were worth $3,745,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CCI. Welch & Forbes LLC lifted its holdings in Crown Castle by 9.9% during the 4th quarter. Welch & Forbes LLC now owns 2,487 shares of the real estate investment trust’s stock worth $226,000 after buying an additional 225 shares during the period. Candriam S.C.A. boosted its holdings in shares of Crown Castle by 23.6% during the 4th quarter. Candriam S.C.A. now owns 44,981 shares of the real estate investment trust’s stock worth $4,082,000 after buying an additional 8,581 shares in the last quarter. Carmel Capital Partners LLC increased its stake in shares of Crown Castle by 13.6% in the 4th quarter. Carmel Capital Partners LLC now owns 4,029 shares of the real estate investment trust’s stock valued at $366,000 after acquiring an additional 483 shares in the last quarter. Inceptionr LLC acquired a new position in shares of Crown Castle during the 4th quarter valued at $418,000. Finally, Raymond James Financial Inc. bought a new position in Crown Castle during the fourth quarter worth $95,167,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Stock Up 2.7 %

Crown Castle stock opened at $97.78 on Friday. Crown Castle Inc. has a fifty-two week low of $84.20 and a fifty-two week high of $120.92. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50-day simple moving average is $90.22 and its 200 day simple moving average is $101.94. The stock has a market cap of $42.49 billion, a PE ratio of 34.67 and a beta of 0.89.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $1.565 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a dividend yield of 6.40%. Crown Castle’s payout ratio is presently 221.99%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CCI. JMP Securities started coverage on shares of Crown Castle in a research note on Monday, January 27th. They issued an “outperform” rating and a $115.00 price target for the company. Citizens Jmp raised Crown Castle to a “strong-buy” rating in a research note on Monday, January 27th. Barclays upgraded Crown Castle from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $117.00 to $104.00 in a report on Monday, January 13th. Citigroup decreased their price objective on Crown Castle from $128.00 to $106.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Finally, Moffett Nathanson cut their target price on Crown Castle from $127.00 to $105.00 in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $108.75.

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.