Varma Mutual Pension Insurance Co Boosts Stake in Crown Castle Inc. $CCI

Varma Mutual Pension Insurance Co lifted its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 8.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,200 shares of the real estate investment trust’s stock after buying an additional 7,700 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Crown Castle were worth $9,282,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CCI. Empowered Funds LLC grew its position in shares of Crown Castle by 7.5% in the first quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock valued at $1,714,000 after purchasing an additional 1,150 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in Crown Castle by 17.6% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 6,714 shares of the real estate investment trust’s stock worth $690,000 after purchasing an additional 1,003 shares during the period. CWM LLC grew its holdings in Crown Castle by 1.5% during the 2nd quarter. CWM LLC now owns 19,447 shares of the real estate investment trust’s stock valued at $1,998,000 after buying an additional 294 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Crown Castle by 1.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 35,596 shares of the real estate investment trust’s stock valued at $3,692,000 after buying an additional 565 shares during the period. Finally, Wilmington Savings Fund Society FSB lifted its holdings in shares of Crown Castle by 0.9% in the second quarter. Wilmington Savings Fund Society FSB now owns 10,274 shares of the real estate investment trust’s stock worth $1,055,000 after buying an additional 93 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CCI has been the subject of a number of recent analyst reports. Jefferies Financial Group reduced their price target on shares of Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. KeyCorp decreased their target price on Crown Castle from $115.00 to $98.00 and set an “overweight” rating on the stock in a research note on Thursday, February 5th. Raymond James Financial dropped their price target on Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating for the company in a research report on Friday, January 23rd. Royal Bank Of Canada cut their price objective on Crown Castle from $112.00 to $110.00 and set an “outperform” rating for the company in a report on Monday, January 12th. Finally, BMO Capital Markets decreased their price objective on shares of Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.61.

Crown Castle Price Performance

NYSE:CCI opened at $90.55 on Friday. The company has a market capitalization of $39.43 billion, a price-to-earnings ratio of 89.66, a PEG ratio of 0.44 and a beta of 0.96. The business has a 50 day moving average of $87.26 and a 200 day moving average of $93.08. Crown Castle Inc. has a 1-year low of $77.01 and a 1-year high of $115.76.

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.