Rhumbline Advisers Reduces Stock Position in Crown Castle Inc. $CCI

Rhumbline Advisers trimmed its stake in shares of Crown Castle Inc. (NYSE:CCI) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 901,373 shares of the real estate investment trust’s stock after selling 41,113 shares during the period. Rhumbline Advisers’ holdings in Crown Castle were worth $86,973,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Crown Castle by 0.7% during the second quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust’s stock worth $7,118,201,000 after purchasing an additional 449,776 shares in the last quarter. State Street Corp raised its stake in shares of Crown Castle by 0.5% during the 2nd quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust’s stock worth $2,204,748,000 after buying an additional 110,050 shares during the last quarter. Norges Bank purchased a new stake in shares of Crown Castle in the 2nd quarter worth about $629,431,000. Bank of America Corp DE grew its stake in Crown Castle by 2.2% in the 2nd quarter. Bank of America Corp DE now owns 5,534,066 shares of the real estate investment trust’s stock valued at $568,515,000 after acquiring an additional 117,904 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Crown Castle by 3,051.5% during the 2nd quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after acquiring an additional 5,299,155 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Stock Up 2.0%

Shares of Crown Castle stock opened at $87.79 on Friday. Crown Castle Inc. has a fifty-two week low of $77.01 and a fifty-two week high of $115.76. The business’s fifty day moving average is $87.24 and its two-hundred day moving average is $93.21. The firm has a market cap of $38.23 billion, a PE ratio of 86.92, a P/E/G ratio of 0.44 and a beta of 0.96.

Analyst Ratings Changes

CCI has been the topic of several recent research reports. Royal Bank Of Canada reduced their price target on shares of Crown Castle from $112.00 to $110.00 and set an “outperform” rating on the stock in a report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Crown Castle in a research note on Monday, December 29th. Jefferies Financial Group dropped their price target on Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. UBS Group reduced their price objective on Crown Castle from $116.00 to $105.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Finally, Barclays reaffirmed an “equal weight” rating and set a $101.00 price objective (down previously from $104.00) on shares of Crown Castle in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $100.61.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.