Panagora Asset Management Inc. Raises Position in Crown Castle Inc. $CCI

Panagora Asset Management Inc. increased its holdings in Crown Castle Inc. (NYSE:CCI) by 422.8% in the second quarter, Holdings Channel.com reports. The firm owned 595,395 shares of the real estate investment trust’s stock after purchasing an additional 481,514 shares during the period. Panagora Asset Management Inc.’s holdings in Crown Castle were worth $61,165,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Crown Castle by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 68,840,605 shares of the real estate investment trust’s stock valued at $7,175,256,000 after buying an additional 6,341,150 shares during the period. Norges Bank purchased a new stake in Crown Castle in the second quarter valued at approximately $629,431,000. Nuveen LLC purchased a new position in Crown Castle during the first quarter worth approximately $305,876,000. Deutsche Bank AG boosted its holdings in shares of Crown Castle by 60.9% in the 1st quarter. Deutsche Bank AG now owns 5,472,921 shares of the real estate investment trust’s stock valued at $570,443,000 after purchasing an additional 2,072,198 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Crown Castle by 144.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,433,109 shares of the real estate investment trust’s stock valued at $357,834,000 after buying an additional 2,028,718 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Crown Castle

In other Crown Castle news, EVP Daniel K. Schlanger sold 30,000 shares of the business’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $98.08, for a total transaction 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. The trade was a 31.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.10% of the company’s stock.

Crown Castle Price Performance

Shares of CCI stock opened at $91.28 on Monday. The company’s fifty day moving average price is $93.79 and its two-hundred day moving average price is $98.73. The firm has a market capitalization of $39.75 billion, a P/E ratio of -8.59, a P/E/G ratio of 0.68 and a beta of 0.94. Crown Castle Inc. has a 12 month low of $84.20 and a 12 month high of $115.76.

Crown Castle (NYSE:CCI) last announced its earnings results 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 $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. Crown Castle had a negative return on equity of 619.62% and a negative net margin of 95.37%.The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.84 earnings per share. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. On average, sell-side analysts anticipate that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $1.0625 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.7%. Crown Castle’s dividend payout ratio (DPR) is -39.98%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CCI. Citigroup dropped their target price on shares of Crown Castle from $124.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, October 16th. BMO Capital Markets reduced their target price on shares of Crown Castle from $120.00 to $114.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Wells Fargo & Company lowered their price target on Crown Castle from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Monday, October 20th. Wolfe Research upgraded Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 price objective on the stock in a research note on Monday, September 22nd. Finally, Barclays set a $101.00 target price on Crown Castle in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $112.00.

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.