Bank of New York Mellon Corp Cuts Stake in Crown Castle Inc. $CCI

Bank of New York Mellon Corp lowered its position in Crown Castle Inc. (NYSE:CCI) by 4.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,233,817 shares of the real estate investment trust’s stock after selling 94,155 shares during the period. Bank of New York Mellon Corp’s holdings in Crown Castle were worth $229,480,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new stake in shares of Crown Castle during the first quarter valued at approximately $26,000. Centerpoint Advisors LLC purchased a new stake in shares of Crown Castle during the first quarter valued at approximately $26,000. Stone House Investment Management LLC purchased a new stake in shares of Crown Castle during the first quarter valued at approximately $27,000. Rise Advisors LLC purchased a new stake in shares of Crown Castle during the first quarter valued at approximately $28,000. Finally, Creative Financial Designs Inc. ADV boosted its stake in shares of Crown Castle by 47.8% during the second quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 98 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 0.6%

Shares of CCI stock opened at $89.81 on Thursday. The stock has a fifty day moving average of $95.42 and a 200 day moving average of $100.23. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $115.76. The firm has a market capitalization of $39.11 billion, a price-to-earnings ratio of -8.45, a PEG ratio of 0.68 and a beta of 0.94.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.08. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 95.37%.The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.84 earnings per share. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. Equities research analysts anticipate that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Analyst Ratings Changes

CCI has been the subject of a number of analyst reports. KeyCorp dropped their price objective on Crown Castle from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Wednesday, September 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Crown Castle in a research note on Thursday, October 30th. Raymond James Financial dropped their price objective on Crown Castle from $124.00 to $120.00 and set a “strong-buy” rating for the company in a research note on Thursday, October 23rd. Wells Fargo & Company dropped their price target on Crown Castle from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 20th. Finally, Royal Bank Of Canada set a $112.00 price target on Crown Castle and gave the stock an “outperform” rating in a research note on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.12.

Insider Transactions at Crown Castle

In other Crown Castle news, EVP Daniel K. Schlanger sold 30,000 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $98.08, for a total value of $2,942,400.00. Following the completion of the transaction, the executive vice president owned 65,571 shares in the company, valued at approximately $6,431,203.68. This represents a 31.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.10% 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.